Exhibit 11


                               CRW Financial, Inc.
                       Net Income Per Share Reconciliation
               For the Three Months Ended March 31, 1997 and 1996
                                   (Unaudited)



                                                          March 31,       March 31, 
                                                            1996            1997    
                                                            ----            ----    
                                                                           
Calculation of Net Income Per Common Share:                                         
                                                                                    
Weighted average number of shares outstanding             3,572,052       5,703,765 
Assumed exercise of options and warrants                  4,449,864       2,615,733 
Less assumed repurchase                                    (714,411)       (698,315)
                                                         ----------      ---------- 
Shares used in computation of net income                                            
  per common share                                        7,307,505       7,621,183 
                                                         ==========      ========== 
Net income for the three months ended                    $   87,000      $1,597,000 
                                                                                    
Adjustment to net income for the                                                    
  assumed reduction in interest                                                     
  expense, net of tax                                        22,000            --   
                                                         ----------      ---------- 
Adjusted net income for computation of net income                                   
  per common share                                       $  109,000      $1,597,000 
                                                         ==========      ========== 
Net Income Per Common Share                              $     0.01      $     0.21 
                                                         ==========      ==========