Health Fitness 10-K/A 2006 FY Annual report (amended)

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.

	Year Ended
	December 31
	2006			2005		2004
Net earnings applicable to common shareholders — basic	$	1,351,673		$	1,204,401	$	1,587,620
Add: Dividend to preferred shareholders		—			140,890		86,400
Less: Change in fair value of warrants		(841,215	)		—		—
Net earnings — diluted	$	510,458		$	1,345,291	$	1,674,020
Weighted average common shares outstanding — basic		18,023,298			12,780,724		12,503,345
Common share equivalents relating to:
Preferred Stock		—			2,551,831		2,052,790
Stock Options		749,377			651,845		559,121
Warrants		—			945,236		1,035,761
Weighted average common shares outstanding — diluted		18,772,675			16,929,636		16,151,017
Net Earnings Per Share:
Basic	$	0.07		$	0.09	$	0.13
Diluted	$	0.03		$	0.08	$	0.10
Anti-dilutive options, warrants and preferred stock not included in the diluted earnings per share computations		3,357,791			517,163		400,100