EXHIBIT 11.1 LIGHTBRIDGE, INC. COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE THREE MONTHS THREE MONTHS YEARS ENDED SEPTEMBER 30, ENDED DECEMBER 31, ENDED MARCH 31, ---------------------------------- ---------------------- ---------------------- 1993 1994 1995 1994 1995 1995 1996 --------- ---------- ----------- ---------- ---------- ---------- ---------- PRO-FORMA: Weighted Average Number of Common and Common Equivalent Shares Outstanding: Common Stock........... 6,515,474 6,514,896 6,516,264 6,514,863 6,588,392 Assumed Conversion of Preferred Stock....... 5,247,324 5,247,324 5,247,324 5,247,324 5,247,324 Common Equivalent Shares Resulting from stock options and warrants (treasury stock method)......... -- 480,753 499,313 -- 490,497 SAB 83 Shares (treasury stock method)......... 1,007,615 1,007,615 1,007,615 1,007,615 1,007,615 ----------- ---------- ---------- ---------- ---------- Total.................. 12,770,413 13,250,587 13,270,516 12,769,802 13,333,827 =========== ========== ========== ========== ========== Net Income Applicable to Common Stock....... $(2,432,914) $ 411,723 $ 72,205 $ (846,910) $ 22,891 =========== ========== ========== ========== ========== Pro-Forma Income per Common Share.......... $ (0.19) $ 0.03 $ 0.01 $ (0.07) $ 0.00 =========== ========== ========== ========== ========== PRIMARY: Weighted Average Number of Common and Common Equivalent Shares Outstanding: Common Stock........... 5,673,450 6,500,141 6,515,473 6,514,896 6,516,264 6,514,863 6,588,982 Common Equivalent Shares Resulting from stock options and warrants (treasury stock method)......... -- 397,081 -- 480,753 499,313 -- 490,497 SAB 83 Shares (treasury stock method)......... 1,007,615 1,007,615 1,007,615 1,007,615 1,007,615 1,007,615 1,007,615 --------- ---------- ----------- ---------- ---------- ---------- ---------- Total.................. 6,681,065 7,904,836 7,523,088 8,003,263 8,023,192 7,522,478 8,086,503 ========= ========== =========== ========== ========== ========== ========== Net Income (Loss)...... $(125,423) $ 950,272 $(2,432,914) $ 411,723 $ 72,205 $ (846,910) $ 22,891 Dividends Accreted on Preferred Stock....... (150,421) (182,544) (182,544) (45,635) (45,635) (45,635) (45,635) --------- ---------- ----------- ---------- ---------- ---------- ---------- Net Income (Loss) Applicable to Common Stock................. $(275,844) $ 767,728 $(2,615,458) $ 366,088 $ 26,570 $ (892,545) $ (22,744) ========= ========== =========== ========== ========== ========== ========== Primary Income per Com- mon Share............. $ (0.04) $ 0.10 $ (0.35) $ 0.05 $ 0.00 $ (0.12) $ (0.00) ========= ========== =========== ========== ========== ========== ========== FULLY DILUTED: Weighted Average Number of Common and Common Equivalent Shares Outstanding: Common Stock........... 5,673,450 6,500,141 6,515,473 6,514,896 6,516,264 6,514,863 6,588,392 Assumed Conversion of Preferred Stock....... 2,910,621 3,243,326 3,243,326 3,243,326 3,243,326 3,243,326 3,243,326 Common Equivalent Shares Resulting from stock options and warrants (treasury stock method)......... -- 464,201 -- 480,753 499,313 -- 490,497 SAB 83 Shares (treasury stock method)......... 1,007,615 1,007,615 1,007,615 1,007,615 1,007,615 1,007,615 1,007,615 --------- ---------- ----------- ---------- ---------- ---------- ---------- Total.................. 9,591,686 11,215,282 10,766,413 11,246,589 11,266,518 10,765,804 11,329,829 ========= ========== =========== ========== ========== ========== ========== Net Income Applicable to Common Stock....... $(125,423) $ 950,272 $(2,432,914) $ 411,723 $ 72,205 $ (846,910) $ 22,891 ========= ========== =========== ========== ========== ========== ========== Fully Diluted Income per Common Share...... $ (0.01) $ 0.08 $ (0.23) $ 0.04 $ 0.01 $ (0.08) $ 0.00 ========= ========== =========== ========== ========== ========== ==========