Exhibit 11
CELSION CORPORATION
COMPUTATION OF EARNINGS PER SHARE
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2005 | 2004 | 2005 | 2004 | |||||||||||||
Net loss attributable to common stockholders | $ | (1,953,865 | ) | $ | (3,310,583 | ) | $ | (6,561,155 | ) | $ | (10,847,849 | ) | ||||
Net (loss) income per common share* | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.04 | ) | $ | (0.07 | ) | ||||
Weighted average shares outstanding | 160,901,600 | 160,639,842 | 160,867,950 | 158,062,867 | ||||||||||||
| * | Common stock equivalents have been excluded from the calculation of net loss per share as their inclusion would be anti-dilutive. |
