1 SOUTHERN MINERAL CORPORATION EXHIBIT 11.1 COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE (IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Quarter Ended Quarter Ended March 31, 1997 March 31, 1996 Fully Fully Primary Diluted Primary Diluted ------- ------- ------- ------- Net Earning $ 1,111 $ 1,111 $ 825 $ 825 ======= ======= ======= ======= Weighted average number of common shares outstanding 9,005 9,005 6,449 6,449 Excess of shares issuable upon exercise of stock options over shares deemed retired under the "treasury stock" method 1,180 1,180 73 301 ------- ------- ------- ------- Weighted average number of common and dilutive common equivalent shares outstanding 10,185 10,185 6,522 6,750 ======= ======= ======= ======= Earnings per common and common equivalent share $ 0.11 $ 0.11 $ 0.13 $ 0.12 ======= ======= ======= =======