1 EXHIBIT 11.1 PLANET POLYMER TECHNOLOGIES, INC. STATEMENT OF COMPUTATION OF COMMON AND COMMON EQUIVALENT SHARES AS OF JUNE 30, 1998 Three months ended June 30, Six months ended June 30, --------------------------- -------------------------- 1998 1997 1998 1997 --------- --------- --------- --------- Shares outstanding at beginning of period 5,271,269 5,271,269 5,271,269 5,271,269 7,337 shares issued on December 15, 1997 7,337 -- 7,337 -- 21,538 shares accrued December 31, 1997 21,538 -- 21,538 -- --------- --------- --------- --------- Weighted average number of shares 5,300,144 5,271,269 5,300,144 5,271,269 ========= ========= 10,169 shares issued on March 15, 1998 10,169 3,978 8,695 shares issued on June 15, 1998 1,433 721 --------- --------- Weighted average number of shares 5,311,746 5,304,842 ========= =========