<PAGE>
                                                                    EXHIBIT 11.1
 
                     NU-KOTE HOLDING, INC. AND SUBSIDIARIES
 
             STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
 
                 (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATE)
 
<TABLE>
<CAPTION>
                                                                                       YEAR ENDED MARCH 31,
                                                                                 ---------------------------------
                                                                                    1997       1996        1995
                                                                                 ----------  ---------  ----------
<S>                                                                              <C>         <C>        <C>
PRIMARY:
Shares outstanding:
  Weighted average number of shares outstanding................................      21,770     21,499      17,462
  Net effect of dilutive stock options(1)......................................                    896
                                                                                 ----------  ---------  ----------
                                                                                     21,770     22,395      17,462
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Income (loss) before extraordinary loss........................................  $  (49,652) $  13,137  $  (12,071)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Income (loss) per common share before extraordinary loss.......................  $    (2.28) $    0.59  $    (0.69)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Loss from extraordinary item...................................................                         $     (281)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Loss per common share from extraordinary item..................................                         $    (0.02)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Net income (loss)..............................................................  $  (49,652) $  13,137  $  (12,352)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Net income (loss) per common share.............................................  $    (2.28) $    0.59  $    (0.71)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
 
FULLY DILUTED:
Shares outstanding:
  Weighted average number of shares outstanding................................      21,770     21,499      17,462
  Net effect of dilutive stock options(1)......................................                    993
                                                                                 ----------  ---------  ----------
                                                                                     21,770     22,492      17,462
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Income (loss) before extraordinary loss........................................  $  (49,652) $  13,137  $  (12,071)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Income (loss) per common share before extraordinary loss.......................  $    (2.28) $    0.58  $    (0.69)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Loss from extraordinary item...................................................                         $     (281)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Loss per common share from extraordinary item..................................                         $    (0.02)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Net income (loss)..............................................................  $  (49,652) $  13,137  $  (12,352)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
Net income (loss) per common share.............................................  $    (2.28) $    0.58  $    (0.71)
                                                                                 ----------  ---------  ----------
                                                                                 ----------  ---------  ----------
</TABLE>
 
------------------------
 
(1) The net effects of dilutive stock options for periods resulting in income
    are based upon the treasury stock method using average market price during
    the period for the primary amounts, and the higher of the average market
    price or the market price at the end of the year for the fully diluted
    amounts. For years resulting in losses, stock options are considered
    anti-dilutive and are excluded from the computation.