Lancit Media Entertainment, Ltd. Exhibit 11 - Computation of Earnings Per Share Three months ended Six months ended December 31, December 31, 1997 1996 1997 1996 ---------- ---------- ---------- --------- Basic Weighted average shares outstanding 6,634,750 6,626,750 6,634,750 6,443,952 Net effect of dilutive stock options - based on the treasury stock method using average market price .................... -- -- -- -- ------------ ------------ ------------ ------------ Total ....................................... 6,634,750 6,626,750 6,634,750 6,443,952 ============ ============ ============ ============ Net Loss .................................... $ (1,304,572) $(885,765) $ (2,635,753) $(1,467,914) ============ ============ ============ ============ Per share amount ............................ $ (0.20) $ (0.13) $ (0.40) $ (0.23) ============ ============ ============ ============ Diluted Weighted average shares outstanding 6,634,750 6,626,750 6,634,750 6,443,952 Net effect of dilutive stock options - based on the treasury stock method using average market price .................... -- -- -- -- ------------ ------------ ------------ ------------ Total ....................................... 6,634,750 6,626,750 6,634,750 6,443,952 ============ ============ ============ ============ Net Loss .................................... $ (1,304,572) $(885,765) $ (2,635,753) $(1,467,914) ============ ============ ============ ============ Per share amount ............................ $ (0.20) $ (0.13) $ (0.40) $ (0.23) ============ ============ ============ ============