NOCOPI TECHNOLOGIES, INC. ------------------------- COMPUTATION OF LOSS PER COMMON SHARE ------------------------------------ EXHIBIT 11 Three Months ended March 31 1997 1996 ---------- ---------- Primary Net loss applicable to common shares ($121,800) ($10,800) ========== ========== Weighted average common shares outstanding 14,080,654 14,044,166 Dilutive shares - based on the treasury stock method using the average market price (1) 308 33,271 ---------- ---------- 14,080,962 14,077,437 ========== ========== Per share amount applicable to net loss ($.01) ($.00) Three Months ended March 31 1997 1996 ---------- ---------- Fully diluted Net loss ($121,800) ($10,800) Add interest on Series B notes 16,600 16,600 Deduct ownership interest of others in consolidated entity (95,800) (87,100) ---------- ---------- Net loss applicable to common shares ($201,000) ($81,300) ========== ========== Weighted average common shares outstanding 14,080,654 14,044,166 Dilutive shares - based on the treasury stock method using the greater of the period-end market price or the average market price (2) 1,293,014 1,325,977 ---------- ---------- 15,373,668 15,370,143 ========== ========== Per share amount applicable to net loss ($.01) ($.01) (1) represents shares resulting from stock options and warrants. (2) represents shares resulting from stock options, warrants and the assumed conversion of the convertible notes and Euro-Nocopi S.A. stock.