EXHIBIT 11
TRO LEARNING, INC. AND SUBSIDIARIES
COMPUTATION OF INCOME (LOSS) PER SHARE
AND EQUIVALENT SHARE OF COMMON STOCK
(UNAUDITED, IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS NINE MONTHS
ENDED JULY 31, ENDED JULY 31,
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1996 1995 1996 1995
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AVERAGE SHARES OUTSTANDING:
1. Weighted average number of shares of common stock
outstanding during the period . . . . . . . . . . . . 6,138 6,066 6,106 6,065
2. Net additional shares assuming stock
options exercised . . . . . . . . . . . . . . . . . . 575 210 -- --
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3. Weighted average number of shares and equivalent
shares of common stock outstanding during
the period. . . . . . . . . . . . . . . . . . . . . . 6,713 6,276 6,106 6,065
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INCOME (LOSS):
4. Net loss. . . . . . . . . . . . . . . . . . . . . . . . $ 725 $ 546 $ (1,312) $ (696)
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PER SHARE AMOUNTS:
Net loss (line 4/line 3) . . . . . . . . . . . . . . . . . . $ 0.11 $ 0.09 $ (0.21) $ (0.11)
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