EXHIBIT 11 STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS CTC COMMUNICATIONS CORP. (In Thousands Except Per Share Data) Year ended March 31 1997 1996 1995 ---------------------------------- Primary: Average shares outstanding 9,600 9,446 7,830 Net effect of stock options, if dilutive, based on the treasury stock method using the average market price 1,174 1,266 935 ---------------------------------- Total 10,774 10,712 8,765 ================================== Net income $4,683 $4,094 $1,472 ================================== Net income per share $ .43 $ .38 $ .17 ================================== Fully diluted: Average shares outstanding 9,600 9,446 7,830 Net effect of stock options, if dilutive, based on the treasury stock method using the year-end market price 1,190 1,282 1,531 ---------------------------------- Total 10,790 10,728 9,361 ================================== Net income $4,683 $4,094 $1,472 ================================== Net income per share $ .43 $ .38 $ .16 ==================================