EXHIBIT 11.1 MICROELECTRONIC PACKAGING, INC. COMPUTATION OF NET INCOME (LOSS) PER COMMON SHARE Three months ended September 30, Nine months ended September 30, -------------------------------- -------------------------------- 1997 1996 1997 1996 ------------ ----------- ------------ ----------- PRIMARY NET INCOME (LOSS) PER SHARE: Net income (loss) $ 569,000 $ (722,000) $(12,363,000) $ 453,000 =========== ========== ============ ========== Weighted average shares outstanding: Shares outstanding from beginning of period 10,793,000 5,559,000 6,991,000 4,660,000 Conversion of $1.9 million of debentures into 3,801,786 shares of common stock 3,224,000 Sale of 842,058 shares to Transpac 581,000 Other shares issued during the period 63,000 46,097 Common equivalents - options to directors, officers and employees, net of treasury shares 193,000 206,000 ----------- ---------- ------------ ---------- Weighted average common and common equivalent shares outstanding 10,986,000 5,622,000 10,215,000 5,493,000 =========== ========== ============ ========== Primary net income (loss) per common share $ 0.05 $ (0.13) $ (1.21) $ 0.08 =========== ========== ============ ========== FULLY DILUTED NET INCOME (LOSS) PER SHARE: Net income (loss) $ 569,000 $ (722,000) $(12,363,000) $ 453,000 =========== ========== ============ ========== Weighted average shares outstanding: Shares outstanding from beginning of period 10,793,279 5,559,000 6,991,493 4,660,093 Conversion of $1.9 million of debentures into 3,801,786 shares of common stock 3,224,000 Sale of 842,058 shares to Transpac 581,000 Other shares issued during the period 63,000 46,097 Common equivalents - options to directors, officers and employees, net of treasury shares 246,441 208,000 ----------- ---------- ----------- ---------- Weighted average common and common equivalent shares outstanding 11,039,720 5,622,000 10,215,000 5,495,000 =========== ========== =========== ========== Fully diluted net income (loss) per common share $ 0.05 $ (0.13) $ (1.21) $ 0.08 =========== ========== =========== ==========