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                                                                    Exhibit 11.1
                             SIEBEL SYSTEMS, INC.

        Statement Regarding Computation of Net Income (Loss) Per Share
                     (In thousands, except per share data)
                                  (unaudited)


<TABLE>
<CAPTION>
                                                                           Three Months Ended          Nine Months Ended            
                                                                              September 30               September 30
                                                                              ------------               ------------      
                                                                         1996              1995        1996           1995 
                                                                         ----              ----        ----           ----
                                                                                                                                
<S>                                                                        <C>             <C>         <C>         <C>          
Net income (loss)                                                    $    1,593       $     287     $   2,492    $   (391)      
                                                                     ==========       =========     =========    ========        
                                                                                                                                
Weighted average number of shares outstanding                                                                                   
        Common stock                                                     15,791           8,014        10,956       8,036 
        Preferred stock, as if converted                                    167           4,238         3,362       3,695  
Number of common stock equivalents as a result of stock options                                                                 
        outstanding using the treasury stock method (1)                   4,033             746         3,184          -   
Number of common stock issued and stock options granted in                                                                      
        accordance with SAB No. 83                                          -             3,858         1,958       3,889    
                                                                       ---------       ---------    ---------    --------        
                                                                                                                                
        Shares used in net income (loss) per share computation            19,991         16,856        19,460      15,620           
                                                                       =========      =========     =========    ========        
                                                                                                                                
        Net income (loss) per share                                    $    0.08      $    0.02     $    0.13    $  (0.03)      
                                                                       =========      =========     =========    ========          
</TABLE>

(1)  Common equivalent shares from outstanding stock options are not included in
     nine months ended September 30, 1995 calculations as they are antidilutive.