1 EXHIBIT 11.1 REMEC, INC. COMPUTATION OF NET INCOME PER COMMON SHARE Three months ended Nine months ended ------------------------------------- ------------------------------------- October 31, 1997 November 3, 1996 October 31, 1997 November 3, 1996 ---------------- ---------------- ---------------- ---------------- Net income per common share: Net income $ 4,933,154 $ 1,376,224 $10,790,951 $ 3,976,656 Weighted average shares outstanding: Common Stock 20,881,171 16,465,853 20,747,233 16,366,006 Effect of common stock equivalents 995,377 245,220 785,146 253,388 ----------- ----------- ----------- ----------- 21,876,548 16,711,073 21,532,379 16,619,394 ----------- ----------- ----------- ----------- Net income per common share $ 0.23 $ 0.08 $ 0.50 $ 0.24 =========== =========== =========== =========== - 17 -