Exhibit 11.1
DECKERS OUTDOOR CORPORATION
AND SUBSIDIARIES

Statement of Computation of Earnings per Share
(Unaudited)


THREE-MONTH PERIOD ENDED
MARCH 31,
1996 1995

Net earnings $ 1,479,000 4,713,000

Less: earnings attributed to holders of
stock options in a subsidiary of the
Company (assuming exercise) ----- 24,000
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Net earnings available to common
stockholders $ 1,479,000 4,689,000
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Weighted average common stock outstanding 9,242,000 9,569,000

Common stock equivalents - stock options 62,000 75,000
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9,304,000 9,644,000
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Net earnings per share $ 0.16 0.49
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