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 ------------ ------------ ------------- ------------ (Restated - (Restated - See Note 2) See Note 2) ------------ ------------ PRIMARY NET INCOME (LOSS) PER SHARE: Net income (loss) $(11,711,000) $ 610,000 $(12,931,000) $ 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 $ (1.09) $ 0.11 $ (1.30) $ 0.22 ============ =========== ============ ============ FULLY DILUTED NET INCOME (LOSS) PER SHARE: Net income (loss) $(11,711,000) $ 610,000 $(12,931,000) $ 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 $ (1.09) $ 0.11 $ (1.30) $ 0.22 ============ =========== ============ ============