EXHIBIT 11 INTERCELL CORPORATION STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS Year Ended Eleven-Month Period September 30, Ended September 30, ---------------------------- ------------------- 1997 1996 1995 ------------ ----------- ------------------- Statement of operations data: Net loss $(16,481,000) $(5,283,000) $ (1,321,000) Deemed preferred stock dividend relating to in-the-money conversion terms 1,072,000 1,625,000 -- Accretion on preferred stock 460,000 -- -- ------------ ----------- ------------------- Net loss applicable to common stockholders (18,013,000) (6,908,000) (1,321,000) Weighted-average number of shares or common stock outstanding 18,114,038 13,072,683 7,391,275 Average common and equivalent shares outstanding/(1)/ -- -- -- ------------ ----------- ------------------- 18,114,038 13,072,683 7,391,275 ============ =========== =================== Net (loss) per common shares $ (0.99) $ (0.54) $ (0.18) ============ =========== =================== - ----------------- /(1)/ The difference between primary and fully diluted earnings per share is not material. 11-1