EXHIBIT 11.1
CYANOTECH CORPORATION
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
YEARS ENDED MARCH 31, 1994 AND 1995 AND NINE MONTHS ENDED
DECEMBER 31, 1994 AND 1995
(IN THOUSANDS EXCEPT PER SHARE DATA)
NINE MONTHS ENDED
YEAR ENDED
MARCH 31, DECEMBER 31,
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1994 1995 1994 1995
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Net income available for common stockholders:
Net income............................................................... $ 204 $ 769 $ 503 $ 1,729
Preferred stock dividends................................................ -- (61) -- (45)
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Net income available for common stockholders............................. $ 204 $ 708 $ 503 $ 1,684
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Weighted average number of common shares and common share equivalents:
Common stock............................................................. 8,284 8,894 8,854 9,514
Convertible preferred stock.............................................. 3,925 3,675 3,925 3,675
Common stock options and warrants........................................ 1,121 1,020 1,128 1,263
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13,330 13,589 13,907 14,452
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Net income per common share................................................ $ 0.02 $ 0.05 $ 0.04 $ 0.12
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