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Exhibit 11.1
Tollgrade Communications, Inc. and Subsidiaries
Calculation of Earnings Per Share
For the Years Ended December 31, 1995, 1996, and 1997
December 31,
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1995 1996 1997
Net income. . . . . . . . . . . . . . . . . . . . . . . . . $2,521,827 $5,596,623 $6,883,148
========== ========== ==========
Common and common equivalent shares:
Weighted average number of common
shares outstanding during the period . . . . . . . 4,227,648 5,500,884 5,686,182
Common shares issuable upon exercise
of outstanding stock options
Diluted . . . . . . . . . . . . . . . . . . . . . . 276,064 438,778 275,358
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Common and common equivalent
shares outstanding during the period
Diluted . . . . . . . . . . . . . . . . . . . . . . 4,503,712 5,939,662 5,961,540
---------- --------- ----------
Earnings per share data:
Net income per common and common
equivalent shares
Basic . . . . . . . . . . . . . . . . . . . . . . . $ .60 $ 1.02 $ 1.21
Diluted . . . . . . . . . . . . . . . . . . . . . . $ .56 $ .94 $ 1.15
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