<TABLE>
Exhibit 11.1
<CAPTION>
CYANOTECH CORPORATION
COMPUTATION OF EARNINGS PER SHARE
Fiscal years ended March 31, 2000, 1999 and 1998
2000 1999 1998
------------------ ------------------ ------------------
BASIC LOSS PER SHARE
<S> <C> <C> <C>
Net loss $ (4,485,000) $ (2,557,000) $ (300,000)
Requirement for Preferred Stock dividends (237,000) (238,000) (289,000)
------------------ ------------------ ------------------
Net loss available to Common stockholders $ (4,722,000) $ (2,795,000) $ (589,000)
================== ================== ==================
Weighted average Common Shares outstanding 13,775,000 13,602,000 12,909,000
================== ================== ==================
Net loss per Common Share $ (0.34) $ (0.21) $ (0.05)
================== ================== ==================
DILUTED LOSS PER SHARE
Net loss available to Common stockholders $ (4,722,000) $ (2,795,000) $ (589,000)
================== ================== ==================
Weighted average Common Shares outstanding 13,775,000 13,602,000 12,909,000
Effect of dilutive securities
Stock Options and Warrants -- -- --
Convertible Preferred Stock -- -- --
------------------ ------------------ ------------------
Weighted average Common Shares outstanding,
as adjusted 13,775,000 13,602,000 12,909,000
================== ================== ==================
Net loss per Common Share (1) $ (0.34) $ (0.21) $ (0.05)
================== ================== ==================
</TABLE>
(1) For the years ended March 31, 2000, 1999 and 1998, warrants and options to
purchase Common Stock shares of the Company and convertible preferred stock were
outstanding, but were not included in the 2000, 1999 and 1998 computation of
Diluted net loss per common share because the inclusion of these securities
would have had an antidilutive effect on the net loss per common share.
