Exhibit 11 CTC COMMUNICATIONS CORP. STATEMENTS REGARDING COMPUTATION OF PER SHARE EARNINGS (IN THOUSANDS EXCEPT FOR PER SHARE DATA) Three Months Ended Six Months Ended September 30, September 30, September 30, September 30, 1997 1996 1997 1996 ------------- ------------- ------------- ------------- PRIMARY Average shares outstanding 9,894 9,601 9,825 9,593 Net effect of stock options, if dilutive, based on the treasury stock method using the average market price 864 1,221 909 1,308 ---------- ---------- ---------- ---------- Total 10,758 10,822 10,734 10,901 Net income $ 1,244 $ 1,049 $ 2,618 $ 2,243 ---------- ---------- ---------- ---------- Net income per share $ 0.12 $ 0.10 $ 0.24 $ 0.21 ---------- ---------- ---------- ---------- FULLY DILUTED Average shares outstanding 9,894 9,601 9,825 9,593 Net effect of stock options, if dilutive, based on the treasury stock method using the period-end market price 864 1,267 960 1,332 ---------- ---------- ---------- ---------- Total 10,758 10,868 10,785 10,925 Net income $ 1,244 $ 1,049 $ 2,618 $ 2,243 ---------- ---------- ---------- ---------- Net income per share $ 0.12 $ 0.10 $ 0.24 $ 0.21 ---------- ---------- ---------- ----------