EXHIBIT 11.1 LYDALL, INC. SCHEDULE OF COMPUTATION OF WEIGHTED AVERAGE SHARES OUTSTANDING THREE MONTHS ENDED MARCH 31, ----------- 1995 1994 ----- ----- (INTHOUSANDS) (UNAUDITED) Primary Weighted average number of common shares......................... 8,620 8,275 Additional shares assuming conversion of stock options and warrants........................................................ 452 617 ----- ----- Weighted average common shares and equivalents outstanding....... 9,072 8,892 ===== ===== Fully Diluted Weighted average number of common shares......................... 8,620 8,275 Additional shares assuming conversion of stock options and warrants........................................................ 455 641 ----- ----- Weighted average common shares and equivalents outstanding....... 9,075 8,916 ===== =====