There is growing interest in the use of coded aperture imaging systems for a variety of applications. Using an analysis framework based on mutual information, we examine the fundamental limits of such systems-and the associated optimum aperture coding-under simple but meaningful propagation and sensor models. Among other results, we show that when SNR is high and thermal noise dominates shot noise, spectrally-flat masks, which have 50% transmissivity, are optimal, but that when shot noise dominates thermal noise, randomly generated masks with lower transmissivity offer greater performance. We also provide comparisons to classical pinhole and lens-based cameras.