EXHIBIT 11.1 International Electronics, Inc. Calculation of Net Income (Loss) Per Share Three months ended Nine months ended ------------------ ------------------ May 31, 1997 May 31, 1996 May 31, 1997 May 31, 1996 ------------------ ------------ ------------------ ------------ PRIMARY NET INCOME (LOSS) PER SHARE - ----------------------------------- Weighted average common and equivalent shares: Common stock 1,492,551 1,475,851 1,492,524 1,439,272 Common equivalent shares resulting from dilutive stock options and warrants (treasury stock method using the average market price) 163,896 264,018 - 188,451 ---------- ---------- --------- ---------- Total 1,656,447 1,739,869 1,492,524 1,627,723 ========== ========== ========= ========== Net income (loss) $ 10,263 $ 35,915 ($31,387) $ 116,464 ========== ========== ========= ========== Net income (loss) per share: Income (loss) before extraordinary gain $ .01 $ .02 ($.03) $ .07 Extraordinary gain - - .01 - ---------- ---------- --------- ---------- Net income (loss) $ .01 $ .02 ($.02) $ .07 ========== ========== ========= ========== FULLY DILUTED NET INCOME (LOSS) PER SHARE - ----------------------------------------- Weighted average common and equivalent shares: Common stock 1,492,551 1,475,851 1,492,524 1,439,272 Common equivalent shares resulting from dilutive stock options and warrants (treasury stock method using the higher of the ending or average market price) 163,896 264,018 - 246,115 ---------- ---------- --------- ---------- Total 1,656,447 1,739,869 1,492,524 1,685,387 ========== ========== ========= ========== Net income (loss) $ 10,263 $ 35,915 ($31,387) $ 116,464 ========== ========== ========= ========== Net income (loss) per share: Income (loss) before extraordinary gain $ .01 $ .02 ($.03) $ .07 Extraordinary gain - - .01 - ---------- ---------- --------- ---------- Net income (loss) $ .01 $ .02 ($.02) $ .07 ========== ========== ========= ==========