<PAGE>
                                                                    EXHIBIT 11.1
 
              LODGENET ENTERTAINMENT CORPORATION AND SUBSIDIARIES
 
     STATEMENT REGARDING COMPUTATION OF NET LOSS PER SHARE OF COMMON STOCK
                                  (UNAUDITED)
              (IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE AMOUNTS)
 
<TABLE>
<CAPTION>
                                                                                  YEAR ENDED DECEMBER 31,
                                                                          ----------------------------------------
                                                                              1994          1995          1996
                                                                          ------------  ------------  ------------
<S>                                                                       <C>           <C>           <C>
Loss before extraordinary loss..........................................       $(3.326)      $(7,026)     $(13,357)
Extraordinary loss......................................................        (1,324)      --             (3,253)
                                                                          ------------  ------------  ------------
Net loss attributable to common stock...................................       $(4,650)      $(7,026)     $(16,610)
                                                                          ------------  ------------  ------------
                                                                          ------------  ------------  ------------
Weighted average shares outstanding:
  Shares outstanding....................................................     7,275,481     7,337,147     9,570,779
  Additional equivalent shares issuable from assumed exercise of common
    stock options (1)...................................................        51,267        45,324        53,447
                                                                          ------------  ------------  ------------
                                                                             7,326,748     7,382,471     9,264,226
                                                                          ------------  ------------  ------------
                                                                          ------------  ------------  ------------
Per share amounts:
  Loss before extraordinary loss........................................        $(0.45)       $(0.95)       $(1.39)
  Extraordinary loss....................................................         (0.18)      --              (0.34)
                                                                          ------------  ------------  ------------
  Net loss attributable to common stock.................................        $(0.63)       $(0.95)       $(1.73)
                                                                          ------------  ------------  ------------
                                                                          ------------  ------------  ------------
</TABLE>
 
------------------------
 
(1) Includes the effect of options issued during the twelve months preceding the
    Company's initial public offering. Other options and warrants have not been
    included because their effect would be anti-dilutive