Exhibit 11 ----------- INTERCELL CORPORATION STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS Year ended September 30, ------------------------------------ Statement of operations data: 1996 1995 1994 ---- ---- ---- Net (loss) (5,283,000) (1,321,000) (362,000) Deemed preferred stock dividend relating to in-the-money conversion terms(2) 1,624,648 -- -- ---------- ---------- --------- (6,907,648) (1,321,000) (362,000) ========== ========== ========= Weighted average shares outstanding 13,072,683 7,391,275 4,828,007 Common equivalent shares from stock options Average common and equivalent shares outstanding(1) -- -- -- ---------- ---------- --------- 13,072,683 7,391,275 4,828,007 ========== ========== ========= Net (loss) per common share(2) (.54) (.18) (.08) ========== ========== ========= ________________ (1) The difference between primary and fully diluted earnings per share is not material. (2) Net (loss) per common share has been increased by $.09 per share from amounts previously reported to reflect a deemed dividend on Series B preferred stock in accordance with recently published views of the Staff of the Securities and Exchange Commission. See Note 7 to the Consolidated Financial Statements.