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 --------- --------- --------- --------- 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.