<PAGE>   1
                                                                    EXHIBIT 11.1

                            W-H Energy Services, Inc.

              Statement Regarding Computation of Earnings Per Share

The following reflects the information used in calculating the number of shares
in the computation of net loss per share for each of the periods set forth in
the Consolidated Statements of Operations and Comprehensive Income.

<Table>
<Caption>
                                                                                        AVERAGE                    INCOME/
                                                        DAYS                             SHARES       INCOME/    (LOSS) PER
                                        SHARES       OUTSTANDING   SHARES X DAYS      OUTSTANDING     (LOSS)        SHARE

BASIC:

<S>                                   <C>            <C>           <C>                <C>            <C>         <C>
Three months ended June 30, 2000      12,059,336          91       1,097,399,576 /91   12,059,336    (224,000)     (0.02)

Three months ended June 30, 2001      22,468,650          10         224,686,500
                                      22,493,474           1          22,493,474
                                      22,505,564           1          22,505,564
                                      22,512,539           4          90,050,156
                                      22,520,289           1          22,520,289
                                      22,523,097           1          22,523,097
                                      22,525,397           1          22,525,397
                                      22,528,284           1          22,528,284
                                      22,539,184           3          67,617,552
                                      22,540,184           4          90,160,736
                                      22,543,484           3          67,630,452
                                      22,544,484           1          22,544,484
                                      22,545,721           7         157,820,047
                                      22,548,196           1          22,548,196
                                      22,548,814           1          22,548,814
                                      22,572,326           1          22,572,326
                                      22,582,596           3          67,747,788
                                      22,590,021           1          22,590,021
                                      22,602,881           2          45,205,762
                                      22,618,443           1          22,618,443
                                      22,620,943           3          67,862,829
                                      22,623,443          10         226,234,430
                                      22,996,583           8         183,972,664
                                      22,998,083          13         298,975,079
                                      22,998,908           1          22,998,908
                                      25,746,720           8         205,973,760

                                                          91       2,087,455,052 /91   22,939,067  11,627,000       0.51

Six months ended June 30, 2000        12,049,436          31         373,532,516
                                      12,059,336         150       1,808,900,400

                                                         181       2,182,432,916 /181  12,057,640  (1,430,000)     (0.12)

Six months ended June 30, 2001        22,273,014           2          44,546,028
                                      22,277,370          21         467,824,770
                                      22,278,195          34         757,458,630
                                      22,355,964           8         178,847,712
                                      22,377,298           1          22,377,298
                                      22,394,172           1          22,394,172
                                      22,401,720           1          22,401,720
                                      22,407,852           4          89,631,408
                                      22,408,852           2          44,817,704
                                      22,410,914           1          22,410,914
                                      22,413,389           5         112,066,945
                                      22,423,389           1          22,423,389
                                      22,427,101           5         112,135,505
                                      22,433,513           1          22,433,513
                                      22,438,050           1          22,438,050
                                      22,441,800           2          44,883,600
                                      22,468,650          10         224,686,500
                                      22,493,474           1          22,493,474
                                      22,505,564           1          22,505,564
                                      22,512,539           4          90,050,156
                                      22,520,289           1          22,520,289
                                      22,523,097           1          22,523,097
                                      22,525,397           1          22,525,397
                                      22,528,284           1          22,528,284
                                      22,539,184           3          67,617,552
                                      22,540,184           4          90,160,736
                                      22,543,484           3          67,630,452
                                      22,544,484           1          22,544,484
                                      22,545,721           7         157,820,047
                                      22,548,196           1          22,548,196
                                      22,548,814           1          22,548,814
                                      22,572,326           1          22,572,326
                                      22,582,596           3          67,747,788
                                      22,590,021           1          22,590,021
                                      22,602,881           2          45,205,762
                                      22,618,443           1          22,618,443
</Table>


<PAGE>   2


<Table>
<S>                                   <C>            <C>           <C>                <C>            <C>         <C>
                                      22,620,943           3          67,862,829
                                      22,623,443          10         226,234,430
                                      22,996,583           8         183,972,664
                                      22,998,083          13         298,975,079
                                      22,998,908           1          22,998,908
                                      25,746,720           8         205,973,760

                                                         181       4,096,546,410 /181  22,632,853  20,558,000       0.91


DILUTED:

Three months ended June 30, 2001      26,148,732          10         261,487,318
                                      26,173,556           1          26,173,556
                                      26,185,646           1          26,185,646
                                      26,192,621           4         104,770,483
                                      26,200,371           1          26,200,371
                                      26,203,179           1          26,203,179
                                      26,205,479           1          26,205,479
                                      26,208,366           1          26,208,366
                                      26,219,266           3          78,657,797
                                      26,220,266           4         104,881,063
                                      26,223,566           3          78,670,697
                                      26,224,566           1          26,224,566
                                      26,225,803           7         183,580,620
                                      26,228,278           1          26,228,278
                                      26,228,896           1          26,228,896
                                      26,252,408           1          26,252,408
                                      26,262,678           3          78,788,033
                                      26,270,103           1          26,270,103
                                      26,282,963           2          52,565,926
                                      26,298,525           1          26,298,525
                                      26,301,025           3          78,903,074
                                      26,303,525          10         263,035,248
                                      26,676,665           8         213,413,318
                                      26,678,165          13         346,816,143
                                      26,678,990           1          26,678,990
                                      27,721,348           8         221,770,784

                                                          91       2,408,698,866 /91   26,469,218  11,627,000       0.44

Six months ended June 30, 2001        25,858,026           2          51,716,053
                                      25,862,382          21         543,110,029
                                      25,863,207          34         879,349,050
                                      25,940,976           8         207,527,811
                                      25,962,310           1          25,962,310
                                      25,979,184           1          25,979,184
                                      25,986,732           1          25,986,732
                                      25,992,864           4         103,971,457
                                      25,993,864           2          51,987,729
                                      25,995,926           1          25,995,926
                                      25,998,401           5         129,992,007
                                      26,008,401           1          26,008,401
                                      26,012,113           5         130,060,567
                                      26,018,525           1          26,018,525
                                      26,023,062           1          26,023,062
                                      26,026,812           2          52,053,625
                                      26,053,662          10         260,536,624
                                      26,078,486           1          26,078,486
                                      26,090,576           1          26,090,576
                                      26,097,551           4         104,390,205
                                      26,105,301           1          26,105,301
                                      26,108,109           1          26,108,109
                                      26,110,409           1          26,110,409
                                      26,113,296           1          26,113,296
                                      26,124,196           3          78,372,589
                                      26,125,196           4         104,500,785
                                      26,128,496           3          78,385,489
                                      26,129,496           1          26,129,496
                                      26,130,733           7         182,915,133
                                      26,133,208           1          26,133,208
                                      26,133,826           1          26,133,826
                                      26,157,338           1          26,157,338
                                      26,167,608           3          78,502,825
                                      26,175,033           1          26,175,033
                                      26,187,893           2          52,375,787
                                      26,203,455           1          26,203,455
                                      26,205,955           3          78,617,866
                                      26,208,455          10         262,084,554
                                      26,581,595           8         212,652,763
                                      26,583,095          13         345,580,240
                                      26,583,920           1          26,583,920
                                      27,660,133           8         221,281,067

                                                         181       4,732,060,854 /181  26,143,983  20,558,000       0.79
</Table>