LYDALL, INC.
                                 Exhibit 11.1

     Schedule of Computation of Weighted Average Shares Outstanding

 
 
                                           Three Months          Nine Months    
                                              Ended                 Ended       
                                           September 30,         September 30,  
                                           -------------         -------------  
                                           1995     1994         1995     1994  
                                           ----     ----         ----     ----  
                                            (Unaudited)           (Unaudited)   
                                                            
Primary
- -------

Weighted average number of common 
  shares                                 17,259   16,665       17,251   16,617

Additional shares assuming conversion
  of stock options and warrants           1,159    1,392        1,034    1,296
                                         ------   ------       ------   ------

Weighted average common shares and 
  equivalents outstanding                18,418   18,057       18,285   17,913
                                         ======   ======       ======   ======

Fully Diluted
- -------------

Weighted average number of common 
  shares                                 17,259   16,665       17,251   16,617

Additional shares assuming conversion
  of stock options and warrants           1,170    1,424        1,061    1,323
                                         ------   ------       ------   ------

Weighted average common shares and 
  equivalents outstanding                18,429   18,089       18,312   17,940
                                         ======   ======       ======   ======
 


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