EquiMed, Inc. EXHIBIT 11 STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE (in thousands, except per share amounts) Three months ended Nine months ended September 30, September 30, 1996 1997 1996 1997 Primary: Weighted average common shares outstanding 4,765 4,458 4,556 4,552 Net effect of dilutive stock options and warrants-based on the treasury stock method using average market price 2 -- 18 -- Weighted average common share and equivalents outstanding 4,767 4,458 4,574 4,552 Net Income (Loss) (21,673) 2,844 (18,581) 8,622 Net Loss per share .64 1.89 Pro forma net income (21,348) (17,604) Pro forma net income per share (4.48) (3.85) Fully Diluted: Weighted average common shares outstanding 4,765 4,458 4,556 4,552 Net effect of dilutive stock options and warrants-based on the treasury stock method using the June 30 price, if higher than average market price 2 -- 16 -- Weighted average common share and equivalents outstanding 4,767 4,458 4,572 4,552 Net Income (Loss) (21,673) 2,844 (18,581) 8,622 Net loss per share (4.55) (4.06) Pro forma net income (21,348) (17,604) Pro forma net income per share (4.48) (3.85)