<PAGE>
EXHIBIT 11.1
LYCOS, INC.
Computation of Shares Used in Computing Basic and Diluted Net Income (Loss)
Per Share
(Unaudited)
(In thousands, except per share amounts)
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<CAPTION>
Three Months Ended Nine Months Ended
April 30, April 30,
--------------------------------- -----------------------------
2000 1999 2000 1999
----------------- --------------- -------------- -------------
<S> <C> <C> <C> <C>
Common stock, beginning of period....... 108,864 89,587 98,506 79,810
Weighted average common shares
issued during the period, net........ 1,085 223 5,587 8,855
Common stock options and warrants using
the treasury stock method............. 6,295 -- 5,665 --
----------------- -----------------------------------------------
116,244 89,810 109,758 88,665
================= ===============================================
Net income (loss).......................... $ 122,410 $ (13,229) $ 60,495 $(30,668)
================= ===============================================
Basic net income (loss) per share.......... $ 1.11 $ (0.15) $ 0.58 $ (0.35)
================= ===============================================
Diluted net income (loss) per share........ $ 1.05 $ (0.15) $ 0.55 $ (0.35)
================= ===============================================
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