1 Exhibit 11.1 HOT TOPIC, INC. STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS Fiscal years ended ------------------------------------------- January 28, February 3, February 1, 1995 1996 1997 ------------ ------------ ----------- Net income $ 291,921 $ 436,330 $2,570,418 ========== ========== ========== Computation of common and common equivalent shares outstanding: Common shares 764,000 764,000 1,320,453 Options and Warrants 15,132 53,369 218,452 Conversion of Redeemable Preferred Shares into Common Shares 1,115,257 1,453,073 2,305,892 Shares related to SAB No. 83 867,213 867,213 -- ---------- ---------- ---------- Shares used in computing net income per share 2,761,602 3,137,655 3,844,797 ========== ========== ========== Net income per share $0.11 $0.14 $0.67 ========== ========== ==========