NORLAND MEDICAL SYSTEMS, INC. Exhibit 11 Statement Regarding Computation of Earnings Per Share Primary Basis (Unaudited) Three Months Ended --------------------------------------- September 30, 1996 September 30, 1995 ------------------ ------------------ Net income $515,335 $505,364 Weighted average shares outstanding 6,895,781 3,304,348 Stock options 319,139 672,717 Weighted average number of common and common equivalent shares outstanding 7,214,920 5,965,598 Earnings per share $0.07 $0.08 Nine Months Ended --------------------------------------- September 30, 1996 September 30, 1995 ------------------ ------------------ Net income $1,956,647 $1,419,341 Weighted average shares outstanding 6,706,326 2,439,560 Stock options 469,735 669,590 Weighted average number of common and common equivalent shares outstanding 7,176,061 4,663,725 Earnings per share $0.27 $0.30 -15- NORLAND MEDICAL SYSTEMS, INC. Exhibit 11 Statement Regarding Computation of Earnings Per Share Fully Diluted Basis (Unaudited) Three Months Ended --------------------------------------- September 30, 1996 September 30, 1995 ------------------ ------------------ Net income $515,335 $505,364 Weighted average shares outstanding 6,895,781 3,304,348 Stock options 365,723 672,717 Weighted average number of common and common equivalent shares outstanding 7,261,504 5,965,598 Earnings per share $0.07 $0.08 Nine Months Ended --------------------------------------- September 30, 1996 September 30, 1995 ------------------ ------------------ Net income $1,956,647 $1,419,341 Weighted average shares outstanding 6,706,326 2,439,560 Stock options 497,064 669,590 Weighted average number of common and common equivalent shares outstanding 7,203,390 4,663,725 Earnings per share $0.27 $0.30 -16-