<PAGE>

                                                                    EXHIBIT 11.1
                         ENERGY BIOSYSTEMS CORPORATION

                       COMPUTATION OF EARNINGS PER SHARE


FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994

Weighted Average Shares Outstanding:

                                      # Days
 Total Shares                       Outstanding
         9,864,629       x               3         =          29,593,887
         9,872,629       x               1         =           9,872,629
         9,874,629       x               1         =           9,874,629
         9,875,629       x               1         =           9,875,629
         9,880,629       x               4         =          39,522,516
         9,881,629       x               1         =           9,881,629
         9,882,629       x              22         =         217,417,838
         9,892,949       x               4         =          39,571,796
         9,901,209       x               3         =          29,703,627
         9,909,609       x              15         =         148,644,135
         9,917,609       x               4         =          39,670,436
         9,969,809       x               3         =          29,909,427
         9,970,609       x              21         =         209,382,789
         9,975,609       x              73         =         728,219,457
         9,979,609       x              36         =         359,265,924
         9,980,409       x              20         =         199,608,180
         9,983,809       x              11         =         109,821,899
         9,988,409       x             142         =       1,418,354,078
                                       ---                 -------------
                                       365                 3,638,190,505

Weighted Avg. Shares:            3,638,190,505  /  365        =       9,967,645
                                                                      =========
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994

Loss Per Share:

Net Loss plus dividend accrual plus
  accretion of offering costs          $(7,452,835)      =   $($0.75)
  ---------------------------           ----------            =======
Weighted Avg. Shares                     9,967,645
<PAGE>

                         ENERGY BIOSYSTEMS CORPORATION

                       COMPUTATION OF EARNINGS PER SHARE

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1995

Weighted Average Shares Outstanding:
                                       # Days
        Total Shares                 Outstanding
         9,988,409       x              28         =         19,976,81
         9,998,409       x              28         =       279,955,452
         9,999,404       x               4         =        39,997,616
         10,000,604      x               4         =        40,002,416
         10,040,604      x              16         =       160,649,664
         10,041,604      x               1         =        10,041,604
         10,046,604      x              62         =       622,889,448
         10,228,645      x              21         =       214,801,545
         10,233,645      x              89         =       910,794,405
         10,235,645      x               2         =        20,471,290
         10,237,645      x               7         =        71,663,515
         10,242,640      x              18         =       184,367,520
         10,249,640      x              13         =       133,245,320
         10,258,241      x               7         =        71,807,687
         10,270,241      x               1         =        10,270,241
         10,293,241      x               4         =        41,172,964
         10,368,241      x               3         =        31,104,723
         10,370,749      x              23         =       238,527,227
         10,512,618      x               1         =        10,512,618
         10,513,388      x               6         =        63,080,328
         10,514,288      x               1         =        10,514,288
         10,514,788      x               2         =        21,029,576
         10,516,788      x               2         =        21,033,576
         10,524,188      x              30         =       315,725,640
         10,524,268      x              18         =       189,436,824
                                       ---              --------------
                                       365               3,733,072,305

Weighted Avg. Shares:             3,733,072,305    /    365    =      10,227,595
                                                                      ==========
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1995

Loss Per Share:

Net Loss plus dividend accrual plus
   accretion of offering costs         $(9,713,069)       =     $(0.95)
   ---------------------------         -----------              ======
Weighted Avg. Shares                    10,227,595
<PAGE>

                         ENERGY BIOSYSTEMS CORPORATION

                       COMPUTATION OF EARNINGS PER SHARE

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1996

Weighted Average Shares Outstanding:


           Total Shares        # Days Outstanding
         10,584,268       x              23         =         243,438,164
         11,107,568       x              14         =         155,505,952
         11,139,268       x              27         =         300,760,236
         11,140,768       x              8          =          89,126,144
         11,142,868       x              55         =         612,857,740
         11,301,975       x              28         =         316,455,300
         11,302,025       x              16         =         180,832,400
         11,303,525       x              7          =          79,124,675
         11,309,355       x              1          =          11,309,295
         11,309,355       x              5          =          56,546,775
         11,310,855       x              7          =          79,175,985
         11,311,955       x              5          =          56,559,775
         11,316,955       x              4          =          45,267,820
         11,318,210       x              28         =         316,909,880
         11,320,010       x              4          =          45,280,040
         11,320,210       x              23         =         260,364,830
         11,325,210       x              41         =         464,333,610
         11,326,210       x              9          =         101,935,890
         11,490,770       x              52         =         597,520,040
         11,497,135       x              9          =         103,474,215
                                       ---                  -------------
                                       366                  4,116,778,766

Weighted Avg. Shares:             4,116,778,766     /   366  =      11,248,029
                                                                    ==========

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1996

Loss Per Share:

Net Loss plus dividend accrual plus
   accretion of offering costs         $(11,720,213)      =       $(1.04)
   ---------------------------         ------------               ======
Weighted Avg. Shares                     11,248,029