PRINTWARE, INC. EXHIBIT 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS Twelve months ended December 31, December 31, 1996 1995 ___________ ___________ PRIMARY EPS: Weighted average number of common shares outstanding 4,226,504 3,626,437 Common share equivalents from assumed exercise of options and warrants 11,125 73,377 ___________ ___________ Total shares 4,237,629 3,699,814 =========== =========== Net income $ 2,383,404 $ 1,793,425 ___________ ___________ Earnings per share $ .56 $ .48 =========== =========== FULLY DILUTED: Weighted average number of common shares outstanding 4,226,504 3,626,437 Common share equivalents from assumed exercise of options and warrants 12,676 73,377 ___________ ___________ Total shares 4,239,180 3,699,814 =========== ========== Net income $ 2,383,404 $ 1,793,425 ___________ ___________ Earnings per share $ .56 $ .48 =========== =========== <FN> Note: Fully diluted net income per share is not reported separately because it is substantially the same as primary net income per share. </FN>