QUANTUM CORPORATION EXHIBIT 11 STATEMENT OF COMPUTATION OF EARNINGS PER SHARE (In thousands except per share data) Year ended March 31, ----------------------------------- 1997 1996 1995 ----------------------------------- Primary Weighted average number of common shares outstanding 117,776 103,682 90,802 Incremental common shares attributable to outstanding options 5,368 -* 3,836 --------- --------- --------- Total shares 123,144 103,682 94,638 ========= ========= ========= Net income (loss) $ 148,515 $ (90,456) $ 81,591 ========= ========= ========= Net income (loss) per share $ 1.21 $ (0.87) $ 0.86 ========= ========= ========= Fully Diluted Weighted average number of common shares outstanding 117,776 103,682 90,802 Incremental common shares attributable to: Outstanding options 6,259 6,022 3,858 6 3/8% convertible subordinated debentures 9,032 16,258 23,416 5% convertible subordinated notes 21,626 2,604 -- --------- --------- --------- Total shares 154,693 128,566 118,076 ========= ========= ========= Net income (loss): Net income (loss) $ 148,515 $ (90,456) $ 81,591 Add interest on convertible debt, net of tax 10,375 6,957 8,128 --------- --------- --------- Adjusted net income (loss) $ 158,890 $ (83,499) $ 89,719 ========= ========= ========= Net income (loss) per share $ 1.03 $ (0.65)* $ 0.76 ========= ========= ========= * The primary net income (loss) per share is shown in the statements of operations for both primary and fully diluted, as the effect of the assumed conversion of the subordinated debentures is anti-dilutive. For fiscal 1996, the effect of common stock equivalents is also anti-dilutive for the primary loss per share.