1 EXHIBIT 11.1 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS FOR THE THREE MONTHS ENDED FOR THE NINE MONTHS ENDED -------------------------- ------------------------- AUGUST 1999 AUGUST 1999 (in millions, except share and per share amounts) Earnings available to common stockholders............................... $ 638 $ 1,985 ============ ============ Weighted-average number of common shares .... 474,694,245 474,698,130 Effect of dilutive securities: Restricted stock units..................... 4,987,721 4,508,530 Stock options.............................. 4,210,711 3,939,451 ------------ ------------ Dilutive potential common shares............. 9,198,432 8,447,981 ------------ ------------ Weighted-average number of common shares and dilutive potential common shares....... 483,892,677 483,146,111 ============ ============ BASIC EARNINGS PER SHARE..................... $ 1.34 $ 4.18 ============ ============ DILUTED EARNINGS PER SHARE................... $ 1.32 $ 4.11 ============ ============