1 EXHIBIT 11.1 SPECTRAN CORPORATION EARNINGS PER SHARE CALCULATION The following is a calculation of earnings per share for the nine months and three months ended September 30, 1995 and 1994. Nine Months Ended Three Months Ended September 30, September 30, --------------------------- -------------------------- Calculation of Primary Earnings per Share 1995 1994 1995 1994 ----------------------------------------- ---- ---- ---- ---- Average common shares outstanding 5,280,048 5,201,002 5,353,103 5,207,409 Shares assumed to be repurchased under treasury stock method for stock options and stock purchase warrants 129,537 -- 125,342 -- ---------- ---------- --------- ---------- Total Shares 5,409,585 5,201,002 5,478,445 5,207,409 ========== ========== ========= ========== Net Income (loss) $ 269,970 $ (265,025) $ 178,837 $ (720,374) ========== ========== ========= ========== Per Share Amount $.05 $(.05) $.03 $(.14) ==== ====== ==== ====== Calculation of Fully Diluted Earnings per Share ----------------------------------------------- Average common shares outstanding 5,280,048 5,201,002 5,353,103 5,207,409 Shares assumed to be repurchased under treasury stock method for stock options and stock purchase warrants 78,653 -- 67,187 -- --------- --------- --------- --------- Total Shares 5,358,701 5,201,002 5,420,290 5,207,409 ========= ========= ========= ========= Net Income (loss) $ 269,970 $(265,025) $ 178,837 $(720,374) ========= ========== ========= ========= Per Share Amount $.05 $(.05) $.03 $(.14) ==== ===== ==== =====