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Exhibit 11
ASPYRA, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
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| Three Months Ended |
| Nine Months Ended |
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| September 30, 2006 |
| September 30, 2005 |
| September 30, 2006 |
| September 30, 2005 |
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AVERAGE MARKET PRICE PER SHARE |
| $ | 1.87 |
| $ | 2.37 |
| $ | 2.12 |
| $ | 2.30 |
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NET LOSS |
| $ | (710,063 | ) | $ | (1,073,152 | ) | $ | (3,087,961 | ) | $ | (1,498,654 | ) |
Basic weighted average number of common shares outstanding |
| 10,772,914 |
| 3,465,900 |
| 9,625,505 |
| 3,401,011 |
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Dilutive effect of stock options |
| — |
| — |
| — |
| — |
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Diluted weighted average number of common shares outstanding |
| 10,772,914 |
| 3,465,900 |
| 9,625,505 |
| 3,401,011 |
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Basic loss per share |
| $ | (.07 | ) | $ | (.31 | ) | $ | (.32 | ) | $ | (.44 | ) |
Diluted loss per share |
| $ | (.07 | ) | $ | (.31 | ) | $ | (.32 | ) | $ | (.44 | ) |