EXHIBIT 11.1
SEACHANGE INTERNATIONAL, INC.
COMPUTATION OF NET INCOME PER SHARE (1)
JULY 9, 1993
(INCEPTION)
THROUGH
DECEMBER 31, YEAR ENDED DECEMBER 31,
-------------------------------------------------
1993 1994 1995 1996
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WEIGHTED AVERAGE COMMON AND COMMON
EQUIVALENT SHARES:
Weighted average common shares
outstanding during the
period.............................. 1,615,095 6,986,227 9,125,588 11,342,525
Weighted average common equivalent
shares (2).......................... 1,084,855 2,413,253 2,449,732 557,958
---------- ---------- ---------- ---------
2,699,950 9,399,480 11,575,320 11,900,483
========== ========== ========== ==========
Net income (loss).................... $ (17,900) $ 154,800 $1,210,800 $4,262,200
Primary net income (loss) per
share............................... $ (.01) $ 0.02 $ 0.10 $ 0.36
(1) Fully diluted net income (loss) per share has not been separately presented,
as the amounts would not be materially different from primary net income
(loss) per share.
(2) Includes common share equivalents issued subsequent to September 1995 which
are comprised of common stock options and Series B redeemable convertible
preferred stock and have been included in the calculation pursuant to
Securities and Exchange Commission Staff Accounting Bulletin No. 83. Common
share equivalents issued at prices below the initial public offering price
of $15.00 in the twelve months preceding the initial public offering have
been included in the calculation for all periods presented.