O'REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES Exhibit 11.1 - Computation of Earnings per Share - ------------------------------------------------------------------------------- Year Ended December 31, 1996 1995 1994 - ------------------------------------------------------------------------------- (In thousands, except per share data) Net income $18,971 $14,091 $11,072 ============================= Weighted average common shares outstanding (1) 10,432 8,910 8,655 ============================= Net income per share $ 1.82 $ 1.58 $ 1.28 ============================= (1) Common stock equivalents are insignificant for both primary and fully diluted earnings per share. 1