COMMNET CELLULAR INC. EXHIBIT 11.1 Computation of Net Income Per Common Share Year ended September 30, 1995 PRIMARY: Net income, as adjusted $ 61,967 Applicable common shares: Weighted average shares outstanding during the year 12,153,592 Conversion of convertible subordinated notes - Net effect of common stock equivalents -- based on the treasury stock method using average fair market value: Shares assumed issued for stock options 1,220,875 Less: treasury stock assumed (980,428) ------------- Total 12,394,039 ------------- Net income per common share $ 0.005 ============= FULLY DILUTED: Net income, as adjusted $ 2,153,343 Applicable common shares: Weighted average shares outstanding during the year 13,247,756 Conversion of convertible subordinated notes 200,000 Net effect of common stock equivalents -- based on the treasury stock method using fair market value Shares assumed issued for stock options 1,220,875 Less: treasury stock assumed purchased (903,720) ------------- Total 13,764,911 ------------- Net income per common share $ 0.156 ============= Comparative years are not presented as the calculations are anti-dilutive.