NOCOPI TECHNOLOGIES, INC.
COMPUTATION OF LOSS PER COMMON SHARE
EXHIBIT 11
Three Months ended September 30 Nine Months ended September 30
1997 1996 1997 1996
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Primary
Net loss applicable to common shares ($144,500) ($163,400) ($544,700) ($208,800)
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Weighted average common shares
outstanding 14,080,654 14,080,654 14,080,654 14,063,257
Dilutive shares - based on the
treasury stock method using the
average market price (1) 20,094 103 57,615
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14,080,654 14,100,748 14,080,757 14,120,872
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Per share amount applicable to
net loss ($.01) ($.01) ($.04) ($.01)
Three Months ended September 30 Nine Months ended September 30
1997 1996 1997 1996
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Fully diluted
Net loss ($144,500) ($163,400) ($544,700) ($208,800)
Add interest on Series B notes 16,700 16,700 49,900 49,900
Deduct ownership interest of
others in consolidated entity (102,000) (95,800) (301,200)
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Net loss applicable to common shares ($127,800) ($248,700) ($590,600) ($460,100)
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Weighted average common shares
outstanding 14,080,654 14,080,654 14,080,654 14,063,257
Dilutive shares - based on the
treasury stock method using the
greater of the period-end market
price or the average market price (2) 1,292,706 1,312,800 1,292,809 1,350,321
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15,373,360 15,393,454 15,373,463 15,413,578
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Per share amount applicable to
net loss ($.01) ($.02) ($.04) ($.03)
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(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.