EXHIBIT 11.1 MICROELECTRONIC PACKAGING, INC. COMPUTATION OF NET INCOME (LOSS) PER COMMON SHARE Three months ended Six months ended June 30, June 30, ---------------------------- ---------------------------- 1997 1996 1997 1996 ------------ ------------ ------------ ------------ PRIMARY NET INCOME (LOSS) PER SHARE: Net income (loss) $ (8,211,000) $ 610,000 $ (9,431,000) $ 1,175,000 ------------ ------------ ------------ ------------ Weighted average shares outstanding: Shares outstanding from beginning of period 10,793,279 5,508,813 6,991,493 4,660,093 Conversion of $1.9 million of debentures into 3,801,786 shares of common stock - - 2,929,742 - Issuance of 842,058 shares of Transpac - - - 448,789 Common equivalents - options to directors, officers and employees, net of treasury shares - 236,833 - 218,235 ------------ ------------ ------------ ------------ Weighted average common and common equivalent shares outstanding 10,793,279 5,745,646 9,921,235 5,327,117 ============ ============ ============ ============ Primary net income (loss) per common share $ (0.76) $ 0.11 $ (0.95) $ 0.22 ============ ============ ============ ============ FULLY DILUTED NET INCOME (LOSS) PER SHARE: Net income (loss) $ (8,211,000) $ 610,000 $ (9,431,000) $ 1,175,000 ------------ ------------ ------------ ------------ Weighted average shares outstanding: Shares outstanding from beginning of period 10,793,279 5,508,813 6,991,493 4,660,093 Conversion of $1.9 million of debentures into 3,801,786 shares of common stock - - 2,929,742 Issuance of 842,058 shares to Transpac - - - 448,789 Common equivalents - options to directors, officers and employees, net of treasury shares - 255,467 - 255,467 ------------ ------------ ------------ ------------ Weighted average common and common equivalent shares outstanding 10,793,279 5,764,280 9,921,235 5,364,349 ============ ============ ============ ============ Fully diluted net income (loss) per common share $ (0.76) $ 0.11 $ (0.95) $ 0.22 ============ ============ ============ ============