1 SPECTRAN CORPORATION EXHIBIT 11.1 SPECTRAN CORPORATION NET INCOME (LOSS) PER SHARE CALCULATION The following is a calculation of net income (loss) per share for the years ended December 31, 1995, 1994 and 1993. Years Ended December 31, ------------------------------------------ Calculation of Primary Net Income (Loss) per Share 1995 1994 1993 -------------------------------------------------- ------------------------------------------ Average common shares outstanding 5,298,388 5,202,604 5,160,330 Shares assumed to be repurchased under treasury stock method for stock options and stock purchase warrants 283,961 -- 324,076 --------- --------- --------- Total Shares 5,582,349 5,202,604 5,484,406 ========= ========= ========= Net Income (loss) $ 542,037 $(487,381) $3,655,084 ========= ========= ========== Per Share Amount $.10 $(.09) $.67 ==== ====== ==== Years Ended December 31, ------------------------------------------ Calculation of Fully Diluted Net Income (Loss) per Share 1995 1994 1993 -------------------------------------------------------- ------------------------------------------ Average common shares outstanding 5,298,388 5,202,604 5,160,330 Shares assumed to be repurchased under treasury stock method for stock options and stock purchase warrants 284,364 -- 327,619 --------- --------- --------- Total Shares 5,582,752 5,202,604 5,487,949 ========= ========= ========= Net Income (loss) $ 542,037 $(487,381) $3,655,084 ========= ========= =========== Per Share Amount $.10 $(.09) $.67 ==== ====== ====