1 EXHIBIT 11.1 GSE SYSTEMS, INC. AND SUBSIDIARIES (IN THOUSANDS, EXCEPT PER SHARE DATA) STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE Three Months Ended March 31, 1995 1996 ---- ---- Net income available to common shares . . . . . . . . . . . . . . . . . . . $ 571 $ 860 ======== ======== Weighted average common shares outstanding . . . . . . . . . . . . . . . . 2,500 4,225 Dilutive effect of common stock equivalents - stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 13 -------- -------- Total shares used for earnings per share . . . . . . . . . . . . . . . . . 2,500 4,238 ======== ======== Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .23 $ .20 ======== ======== 14