EXHIBIT 11 COMPUTATION OF NET INCOME (LOSS) PER COMMON SHARE INCSTAR CORPORATION Year Ended December 31, 1995 1994 1993 PRIMARY EARNINGS PER COMMON SHARE: Average shares outstanding 16,362,916 16,322,301 16,258,929 Dilutive stock options and warrants-- based on the treasury stock method (1) 128,585 -- 173,954 16,491,501 16,322,301 16,432,883 Net income (loss) $ 4,263,000 $(4,505,000) $ 253,000 Net income (loss) per share $ 0.26 $ (0.28) $ 0.02 <FN> (1) The effects of stock options and warrants were excluded from the calculation of weighted average shares outstanding for 1994 because their effects were antidilutive. </FN>