Health Fitness 10-Q 2009 Q3 Quarterly report

EXHIBIT 11.0

Computation of Earnings per Share

The following represents the computation of earnings per share reflecting the assumption that the granted shares under the option and warrants plan which would be dilutive will be exercised.

	Three Months Ended Sept. 30,				Nine Months Ended Sept. 30,
	2009		2008		2009		2008
Net earnings, basic and diluted	$	911,898	$	841,350	$	2,271,537	$	1,528,762
Weighted average common shares outstanding, basic		9,781,522		9,610,238		9,724,247		9,837,994
Common share equivalents relating to:
Stock options		160,211		78,703		80,317		143,690
Warrants		154,077		—		—		1,306
Restricted stock		342,345		—		334,087		—
Weighted average common shares outstanding		10,438,155		9,688,941		10,138,651		9,982,990
Net earnings per share:
Basic	$	0.09	$	0.09	$	0.23	$	0.16
Diluted	$	0.09	$	0.09	$	0.22	$	0.15
Anti-dilutive stock options and warrants not included in the diluted earnings per share computations		90,250		1,720,099		1,629,701		1,603,459

     See notes to consolidated financial statements.