EXHIBIT 11 COMPUTATION OF NET INCOME (LOSS) PER COMMON SHARE INCSTAR CORPORATION Year Ended December 31, 1996 1995 1994 PRIMARY EARNINGS PER COMMON SHARE: Average shares outstanding 16,480,920 16,362,916 16,322,301 Dilutive stock options and warrants--based on the treasury stock method (1) 180,447 128,585 -- 16,661,367 16,491,501 16,322,301 Net income (loss) $ 4,112,000 $ 4,263,000 $(4,505,000) Net income (loss) per share $ 0.25 $ 0.26 $ (0.28) (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.