Imunon (IMNN) 10-Q 2008 Q3 Quarterly report

Exhibit 11

CELSION CORPORATION

COMPUTATION OF EARNINGS PER SHARE

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Net loss from continuing operatons - basic and diluted	$	(4,340,070	)	$	(3,650,712	)	$	(10,852,077	)	$	(11,515,968	)
Net income from discontinued operations - basic and diluted	$	—		$	33,054		$	—		$	49,755,211
Net (loss) / income - basic and diluted	$	(4,340,070	)	$	(3,617,658	)	$	(10,852,077	)	$	38,239,243
Weighted average shares outstanding - basic	10,149,055			10,774,497			10,146,339			10,764,878
Dilutive securities - options and warrants	—			—			—			761,839
Adjusted weighted average shares outstanding - dilutive	10,149,055			10,774,497			10,146,339			11,526,717
Net loss from continuing operations per common share - basic	$	(0.43	)	$	(0.34	)	$	(1.07	)	$	(1.07	)
Net loss from continuing operations per common share - diluted	$	(0.43	)	$	(0.34	)	$	(1.07	)	$	(1.07	)
Net income from discontinued operations per common share - basic	$	—		$	0.00		$	—		$	4.62
Net income from discontinued operations per common share - diluted	$	—		$	0.00		$	—		$	4.32
Net (loss) / income per common share - basic	$	(0.43	)	$	(0.34	)	$	(1.07	)	$	3.55
Net (loss) / income per common share - diluted	$	(0.43	)	$	(0.34	)	$	(1.07	)	$	3.32

·For the three and nine month periods ended September 30, 2008 outstanding warrants and options that can be converted into Common Stock are not included as their effect was anti-dilutive.