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 ========== ==========