Health Fitness 10-Q 2008 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,
	2008		2007		2008		2007
Net earnings, basic and diluted	$	841,350	$	17,023	$	1,528,762	$	701,694
Weighted average common shares outstanding, basic		9,610,238		9,917,429		9,837,994		9,809,111
Common share equivalents relating to:
Stock options		78,703		321,578		143,690		323,926
Warrants		—		177,794		1,306		139,062
Restricted stock		—		16,667		—		16,574
Weighted average common shares outstanding		9,688,941		10,433,468		9,982,990		10,288,673
Net earnings per share:
Basic	$	0.09	$	0.00	$	0.16	$	0.07
Diluted	$	0.09	$	0.00	$	0.15	$	0.07
Anti-dilutive stock options, warrants and restricted stock not included in the diluted earnings per share computations		1,720,099		7,500		1,603,459		142,750

See notes to consolidated financial statements.