EXHIBIT NO. 11
ENERGY RESEARCH CORPORATION
COMPUTATION OF INCOME (LOSS) PER COMMON SHARE
Twelve Months
Ended October 31,
1996 1995 1994
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PRIMARY
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Shares outstanding, beginning of
period 3,728,914 3,699,683 3,679,996
Weighted average number of shares
issued, retired and issuable
share equivalents 334,147 272,598 259,929
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Weighted average number of common
and common equivalent shares
outstanding 4,063,061 3,972,281 3,939,925
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Net income $ 509,000 $ 442,000 $ 220,000
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Net income per common share $ .13 $ .11 $ .06
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FULLY DILUTED
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Weighted average number of common
and common equivalent shares
outstanding as adjusted for
full dilution 4,063,061 4,252,281 4,159,925
Adjustment for interest, net of
tax, on convertible long-term debt $ 25,000 $ 80,000 $ 80,000
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Adjusted net income $ 534,000 $ 522,000 $ 300,000
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Net income per common share <F1> $ .13 $ .12 $ .07
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<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. </F1>