1 EXHIBIT 11.1 GSE SYSTEMS, INC. AND SUBSIDIARIES (IN THOUSANDS, EXCEPT PER SHARE DATA) STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE THREE MONTHS THREE MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED ENDED JUNE 30, 1996 JUNE 30, 1995 JUNE 30, 1996 JUNE 30, 1995 ------------- ------------- ------------- ------------- Net income available to common shares . . . . . . $ 426 $ 821 $ 1,517 $ 1,428 ===== ====== ====== ====== Weighted average common shares outstanding . . . 5,066 3,341 5,066 3,341 Dilutive effect of common stock equivalents - stock options . . . . . . . . . . . . . . 21 -- 16 -- ----- ------ ------ ------ Total shares used for earnings per share . . . . 5,087 3,341 5,082 3,341 ===== ====== ====== ====== Earnings per share . . . . . . . . . . . . . . . $ 0.08 $ 0.25 $ 0.30 $ 0.43 ===== ====== ====== ====== 15