1 EXHIBIT 11.1 TANDY BRANDS ACCESSORIES, INC. AND SUBSIDIARIES Exhibit 11. Statement Regarding Computation of Per Share Earnings. Earnings per Share - Earnings per share is determined by dividing net income by the average number of common shares outstanding plus common stock equivalents. Common stock equivalents consist of shares issuable under outstanding stock options reduced by shares assumed to be purchased from the proceeds of such options. Earnings per share, as presented, is both primary and fully diluted. Three Months Ended September 30, ------------------------ 1997 1996 --------- --------- Weighted average common shares outstanding 5,521,000 5,403,000 Common share equivalents 110,000 33,000 --------- --------- Average common shares and common share equivalents 5,631,000 5,436,000 ========= ========= 12