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 Euro-Nocopi S.A ................ (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.