EXHIBIT 11
ENERGY RESEARCH CORPORATION
COMPUTATION OF INCOME (LOSS) PER COMMON SHARE
Three Months Nine Months
Ended July 31, Ended July 31,
1996 1995 1996 1995
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PRIMARY
Shares outstanding,
beginning of period 3,792,873 3,717,270 3,728,914 3,699,683
Weighted average number of
shares issued, retired and
issuable share equivalents 353,147 255,862 324,368 271,980
--------- --------- --------- ---------
Weighted average number of
common and common equivalent
shares outstanding 4,146,020 3,973,132 4,053,282 3,971,663
========= ========= ========= =========
Net income $ 122,000 $ 73,000 $ 307,000 $ 352,000
========= ========= ========= =========
Net income per common share $ .03 $ .02 $ .08 $ .09
========= ========= ========= =========
FULLY DILUTED
Weighted average number of
common and common equivalent
sharesoutstanding as
adjusted for full dilution 4,342,020 4,193,132 4,249,282 4,191,663
Adjustment for interest,
net of tax, on convertible
long-term debt $ 19,000 $ 20,000 $ 57,000 $ 60,000
========= ========= ========= =========
Adjusted net income $ 141,000 $ 93,000 $ 364,000 $ 412,000
========= ========= ========= =========
Net income per
common share <F1> $ .03 $ .02 $ .09 $ .10
========= ========= ========= =========
<FN>
<F1> These calculations are submitted in accordance with SEC requirements,
although they are not in accordance with APB Opinion No. 15 because they are
anti-dilutive.
</FN>