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<PAGE> 1
EXHIBIT 11.1
CRAY INC.
COMPUTATION OF EARNINGS (LOSS) PER SHARE
(IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30,
1999 2000 1999 2000
---------- -------- ---------- --------
<S> <C> <C> <C> <C>
Net income (loss) for common share $ (6,717) $ 3,308 $ (13,598) $ (4,697)
========= ======== ========== ========
Weighted average common
shares, basic 16,677 33,367 15,696 31,492
Net effect of dilutive stock options 87 87
Net effect of dilutive warrants 18 18
--------- -------- ---------- --------
Weighted average common shares,
diluted 16,677 33,472 15,696 31,597
========= ======== ========== ========
Earnings (loss) per share, basic $ (0.40) $ 0.10 $ (0.87) $ (0.15)
========= ======== ========== ========
Earnings (loss) per share, diluted $ (0.40) $ 0.10 $ (0.87) $ (0.15)
========= ======== ========== ========
Potentially dilutive securities excluded
from computation because they
are anti-dilutive 17,735 19,464 17,735 19,464
========= ======== ========== ========
</TABLE>
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