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 ====== ====== ====== ====== 16