EXHIBIT 11.1
NEWBRIDGE NETWORKS CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Accounting principles generally accepted in Canada)
(Canadian dollars, amounts in thousands except per share data)
(Unaudited)
Fiscal quarters ended Three fiscal quarters ended
--------------------- ---------------------------
Jan 31, Feb 1, Jan 31, Feb 1,
1999 1998 1999 1998
-------- ---------- --------- ----------
BASIC EARNINGS (LOSS) PER SHARE
Net earnings (loss) $120,119 $(144,283) $208,953 $(21,936)
======== ========= ======== ========
Common Shares outstanding
at the beginning of the period 176,877 175,305 175,686 171,859
Weighted average number of Common Shares
issued during the period 719 71 1,128 2,479
-------- --------- -------- --------
Weighted average number of Common Shares
outstanding during the period 177,596 175,376 176,814 174,338
======== ========= ======== ========
Basic earnings (loss) per share $ 0.68 $ (0.82) $ 1.18 $ (0.13)
======== ========= ======== ========
FULLY DILUTED (LOSS) EARNINGS PER SHARE
Earnings (loss) before imputed earnings $120,119 $(144,283) $208,953 $(21,936)
After tax imputed earnings from the investment
of funds received through dilution 7,353 -- 21,006 --
-------- --------- -------- --------
Adjusted net earnings (loss) $127,472 $(144,283) $229,959 $(21,936)
======== ========= ======== ========
Weighted average number of Common Shares
outstanding during the period 177,596 175,376 176,814 174,338
Weighted average common share
equivalents based on conversion of
outstanding stock options 22,355 -- 21,214 --
-------- --------- -------- --------
Weighted average number of Common
Shares and equivalents outstanding
during the period 199,951 175,376 198,028 174,338
======== ========= ======== ========
Fully diluted earnings (loss) per share $ 0.64 $ (0.82) $ 1.16 $ (0.13)
======== ========= ======== ========
EARNINGS (LOSS) PER SHARE EXPRESSED IN U.S. DOLLARs
Daily average exchange rate of a Canadian
dollar for U.S. dollars as reported by the
Federal Reserve Bank of New York $ 0.6515 $ 0.7006 $ 0.6618 $ 0.7071
Basic earnings (loss) per share, in U.S. dollars $ 0.44 $ (0.58) $ 0.78 $ (0.09)
======== ========= ======== ========
Fully diluted earnings (loss) per share, in U.S. dollars $ 0.42 $ (0.58) $ 0.77 $ (0.09)
======== ========= ======== ========
(Page 30 of 32)