EXHIBIT 11.1 MICROELECTRONIC PACKAGING, INC. COMPUTATION OF NET INCOME (LOSS) PER COMMON SHARE Three months ended March 31, ---------------------------- 1997 1996 - ------------------------------------------------------------------------------- Primary Net Income (Loss) Per Share: Net income (loss) $(1,219,000) $ 565,000 - ------------------------------------------------------------------------------- Weighted average shares outstanding: Shares outstanding from beginning of period 6,991,493 4,707,000 Conversion of $1.9 million of debentures into 3,801,787 shares of common stock 2,048,010 - Common equivalents - options to directors, officers and employees, net of treasury shares - 196,000 - ------------------------------------------------------------------------------- Weighted average common and common equivalent shares outstanding 9,039,503 4,903,000 =============================================================================== Primary net income (loss) per common share $ (0.13) $ 0.12 =============================================================================== Fully Diluted Net Income (Loss) Per Share: Net income (loss) $(1,219,000) $ 565,000 - ------------------------------------------------------------------------------- Weighted average shares outstanding: Shares outstanding from beginning of period 6,991,493 4,707,000 Conversion of $1.9 million of debentures into 3,801,787 shares of common stock 2,048,010 - Common equivalents - options to directors, officers and employees, net of treasury shares - 196,000 - ------------------------------------------------------------------------------- Weighted average common and common equivalent shares outstanding 9,039,503 4,903,000 =============================================================================== Fully diluted net income (loss) per common share $ (0.13) $ 0.12 ===============================================================================