Exhibit 11.1 Casella Waste Systems, Inc. and Subsidiaries Computation of Pro Forma and Pro Forma As Adjusted Weighted Average Shares Outstanding For the For the Three Year Ended Months Ended April 30, 1997 July 31, 1997 ---------------- -------------- Weighted average shares of Class A Common Stock outstanding ...... 2,321,176 2,858,141 Weighted average shares of Class B Common Stock outstanding ...... 1,000,000 1,000,000 Weighted average shares of Series A Redeemable Preferred Stock with warrants exercisable outstanding (1) ........................ 516,620 516,620 Weighted average shares of Series B Redeemable Preferred Stock with warrants exercisable outstanding (1) ........................ 1,294,579 1,294,579 Weighted average shares of Series D Convertible Redeemable Preferred Stock outstanding (1) ................................. 1,922,169 1,922,169 Dilutive effect of common and common equivalent shares issued subsequent to August 7, 1996 computed in accordance with the treasury stock method (1) ....................................... 278,276 113,153 ----------- ----------- Pro forma weighted average number of common and common equivalent shares outstanding .................................... 7,332,820 7,704,662 =========== =========== Dilutive effect of options and warrants to purchase common stock completed in accordance with the treasury stock method ............ 1,128,929 1,128,929 Shares issued in this offering to redeem the Series C Preferred Stock and reduce the outstanding balance on the credit facility ......... 2,734,444 2,734,444 ----------- ----------- Pro forma as adjusted weighted average number of common and common equivalent shares outstanding .............................. 11,196,193 11,568,035 =========== =========== (1) Pursuant to SEC Staff Accounting Bulletin No. 83, common and preferred stock, and stock options issued at prices below an assumed initial public offering price of $18.00 per share during the twelve month period immediately preceding the initial filing date of the Company's Registration Statement for its initial public offering have been included as outstanding for all periods presented. The dilutive effect of the common and common share equivalents was computed in accordance with the treasury stock method.