1 EXHIBIT 11.1 HASKEL INTERNATIONAL, INC. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE YEAR ENDED MAY 31, ------------------------------------------- 1995 1996 1997 ------------- ------------- ------------ PRIMARY & PRIMARY & PRIMARY & FULLY DILUTED FULLY DILUTED FULLY DILUTED ------------- ------------- ------------ PRIMARY AND FULLY DILUTED EARNINGS INCOME FROM CONTINUING OPERATIONS $ 1,551,000 $ 2,647,000 $ 4,734,000 LOSS FROM DISCONTINUED OPERATIONS (532,000) (100,000) (529,000) LOSS FROM DISPOSAL OF SEGMENT -- (7,095,000) ----------- ----------- ----------- NET INCOME $ 1,019,000 $ 2,547,000 $(2,890,000) =========== =========== =========== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING ................................................... 4,356,322 4,728,230 4,732,060 DILUTIVE EFFECT OF STOCK OPTIONS AND WARRANTS ......................................................... 80,428 10,036 107,679 DILUTIVE EFFECT OF STOCK OPTIONS GRANTED AND STOCK ISSUED IN THE 17 MONTHS PRIOR TO NOVEMBER 1, 1994 USING THE TREASURY STOCK METHOD ................................................ 64,033 -- -- ----------- ----------- ----------- NUMBER OF SHARES USED TO COMPUTE PRIMARY AND FULLY DILUTED EARNINGS PER SHARE ........................................... 4,500,783 4,738,266 4,839,739 =========== =========== =========== PRIMARY AND FULLY DILUTED EARNINGS PER SHARE INCOME FROM CONTINUING OPERATIONS $ 0.35 $ 0.56 $ 0.98 LOSS FROM DISCONTINUED OPERATIONS (0.12) (0.02) (0.11) LOSS FROM DISPOSAL OF SEGMENT -- -- (1.47) ----------- ----------- ----------- NET INCOME (LOSS) $ 0.23 $ 0.54 $ (0.60) =========== =========== ===========