Exhibit 11.1 SanDisk Corporation Statement Regarding Computation of Per Share Earnings (In thousands, except per share data; unaudited) Three months ended, Six months ended, June 30, June 30, 1997 1996 1997 1996 ------------ ----------- ----------- ----------- Net income $ 3,690 $ 3,405 $ 5,815 $ 6,459 Computations of weighted average common and common equivalent shares outstanding: Weighted average common shares outstanding 22,475 22,106 22,436 22,065 Common stock options 1,939 2,035 1,824 2,107 ------------ ----------- ----------- ----------- Shares used in computing net income per share 24,414 24,141 24,260 24,172 ============ =========== =========== =========== Net income per share applicable to common stockholders $ 0.15 $ 0.14 $ 0.24 $ 0.27 ============ =========== =========== ===========