EXHIBIT 11.1

                       TRANSACT TECHNOLOGIES INCORPORATED

                        Computation of Earnings Per Share
                                   (unaudited)




                                                       THREE MONTHS ENDED         NINE MONTHS ENDED
                                                          SEPTEMBER 30,             SEPTEMBER 30,
(In thousands, except per share data)                  2002         2001          2002        2001
                                                       ----         ----          ----        ----
                                                                                
Net loss                                             $  (709)     $  (162)     $  (549)     $(3,139)
Dividends and accretion on preferred stock               (90)         (90)        (269)        (269)
                                                     -------      -------      -------      -------
Net loss available to common
   shareholders                                      $  (799)     $  (252)     $  (818)     $(3,408)
                                                     =======      =======      =======      =======
Shares:
   Basic - Weighted average common shares
     outstanding                                       5,645        5,584        5,625        5,557
   Dilutive effect of outstanding options and
     warrants as determined by the treasury
     stock method                                       --           --           --           --
                                                     -------      -------      -------      -------
   Dilutive - Weighted average common and
     common equivalent shares outstanding              5,645        5,584        5,625        5,557
                                                     =======      =======      =======      =======
Net loss per common and common equivalent share:
     Basic                                           $ (0.14)     $ (0.05)     $ (0.15)     $ (0.61)
                                                     =======      =======      =======      =======
     Diluted                                         $ (0.14)     $ (0.05)     $ (0.15)     $ (0.61)
                                                     =======      =======      =======      =======