1 Exhibit 11.1 DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES Statement of Computation of Earnings per Share (Unaudited) THREE-MONTH PERIOD ENDED MARCH 31, -------------------------- 1997 1996 ---------- --------- Net earnings available to common stockholders $1,990,000 1,479,000 ---------- --------- Weighted average common stock outstanding 8,984,000 9,242,000 Common stock equivalents - stock options 56,000 62,000 ---------- --------- 9,040,000 9,304,000 ========== ========== Net earnings per share $ 0.22 0.16 ========== ========== 13