1 EXHIBIT 11.1 HASKEL INTERNATIONAL, INC. STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED -------------------------------- ------------------------------- NOVEMBER 30, NOVEMBER 28, NOVEMBER 30, NOVEMBER 28, 1996 1997 1996 1997 -------------- ------------- ------------ ------------- PRIMARY & PRIMARY & PRIMARY & PRIMARY & FULLY DILUTED FULLY DILUTED FULLY DILUTED FULLY DILUTED -------------- ------------- ------------ ------------- Primary and Fully Diluted Earnings Income from continuing operations $ 1,521,000 $ 1,230,000 $ 2,543,000 $ 2,345,000 Loss from discontinued operations (229,000) -- (529,000) -- Income (loss) from disposal of segment (5,406,000) 346,000 (5,406,000) 346,000 ----------- ----------- ----------- ----------- Net income $(4,114,000) $ 1,576,000 $(3,392,000) $ 2,691,000 =========== =========== =========== =========== Weighted average number of shares outstanding 4,732,230 4,769,048 4,731,890 4,780,035 Dilutive effect of stock options and warrants 83,908 329,610 75,786 324,684 ----------- ----------- ----------- ----------- Number of shares used to compute primary and fully diluted earnings per share 4,816,138 5,098,658 4,807,676 5,104,719 =========== =========== =========== =========== Primary and Fully Diluted Earnings per Share Income from continuing operations $ 0.32 $ 0.24 $ 0.53 $ 0.46 Loss from discontinued operations (0.05) -- (0.11) -- Income (loss) from disposal of segment (1.12) 0.07 (1.12) 0.07 ----------- ----------- ----------- ----------- Net income $ (0.85) $ 0.31 $ (0.70) $ 0.53 =========== =========== =========== =========== 16