1
                                                               EXHIBIT 11.1


                       TRANSACT TECHNOLOGIES INCORPORATED
                                  Exhibit 11.1
                        Computation of Earnings Per Share
                                   (Unaudited)



                                                                              THREE MONTHS ENDED           SIX MONTHS ENDED
                                                                            JUNE 26,      June 27,      JUNE 26,       June 27,
         (In thousands, except per share data)                                1999          1998          1999           1998
                                                                            -------       -------       -------        -------
                                                                                                           
            Net income (loss)                                               $   146       $   231       $  (133)       $   865
                                                                            =======       =======       =======        =======
            Shares:
              Basic - Weighted average common shares
                outstanding                                                   5,559         6,239         5,568          6,347
              Dilutive effect of outstanding options and
                warrants as determined by the treasury
                stock method                                                     17            25             2             47
                                                                            -------       -------       -------        -------
              Dilutive - Weighted average common and
                common equivalent shares outstanding                          5,576         6,264         5,570          6,394
                                                                            =======       =======       =======        =======


            Net income (loss) per common and common equivalent share:
                Basic                                                       $  0.03       $  0.04       $ (0.02)       $  0.14
                                                                            =======       =======       =======        =======
                Diluted                                                        0.03          0.04         (0.02)          0.14
                                                                            =======       =======       =======        =======