EXHIBIT 11.1
EARNINGS PER SHARE COMPUTATION
Earnings per share calculations may be affected by the granting of stock options
under the provisions of MPSI Systems Inc. Stock Option Plans. The granting of
these options may have a dilutive effect on earnings per common and common
equivalent share. Following is a summary computation of the average number of
shares outstanding and earnings per share using the treasury-stock method.
WEIGHTED AVERAGE SHARES OUTSTANDING
<Table>
<Caption>
Three Months Ended March 31, Six Months Ended March 31,
----------------------------- -----------------------------
2001 2000 2001 2000
------------- ------------- ------------- -------------
Common stock outstanding throughout the period 2,912,000 2,849,000 2,912,000 2,849,000
Weighted average exercised options -- 17,000 -- 8,000
Dilutive unexercised stock options
(Treasury-Stock Method):
Shares presumed issued at exercise * * * *
Less: Shares repurchased with presumed
proceeds at average per share price
------------- ------------- ------------- -------------
Weighted average shares outstanding
assuming full dilution 2,912,000 2,866,000 2,912,000 2,857,000
============= ============= ============= =============
</Table>
* Not applicable in periods noted, as the effect of these items would be
antidilutive.
Exercisable antidilutive options for 29,000 and 96,000 shares were outstanding
at March 31, 2001 and 2000, respectively.
PER SHARE COMPUTATION
<Table>
<Caption>
(b)
(a) Shares Outstanding Per Share
Results of -------------------------- -----------------
Operations Basic Diluted Basic Diluted
----------- --------- --------- ----- -------
Net loss - Three Months Ended March 31, 2001 $ (376,000) 2,912,000 2,912,000 $(.13) $(.13)
Six Months Ended March 31, 2001 $ (253,000) 2,912,000 2,912,000 $(.09) $(.09)
Net loss - Three Months Ended March 31, 2000 $ (182,000) 2,866,000 2,866,000 $(.06) $(.06)
Six Months Ended March 31, 2000 $ (550,000) 2,857,000 2,857,000 $(.19) $(.19)
</Table>