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>