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EXHIBIT 11
Russian Wireless Telephone Company, Inc.
(formerly Telcom Group, USA)
Computation of Earnings (Loss) Per Share
Month of Weighted Average
Issuance For Number of Shares Outstanding
F/S Purposes Shares 1996 1995
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Common Stock at January 1, 1995 4,536,876 4,536,876 4,536,876
January '95 600,000 600,000 600,000
May '95 (2,663,876) (2,663,876) (1,553,928)
April '95 300,000 300,000 200,000
May '95 (800,000) (800,000) (466,667)
August '95 (488,000) (466,000) (462,667)
February '96 300,000 275,000
December '96 450,000 450,000 450,000
--------- --------- ---------
Weighted Average shares 2,235,000 2,210,000 3,603,614
========= ========= =========
Net Weighted Net (Loss)
YEAR (Loss) Avg Shares Per Share
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1995 (1,227,502) 3,603,614 (0.34)
1996 (1,470,878) 2,210,000 (0.67)
Weighted Average
Shares Outstanding
Month of 6 Months Ended
Issuance For Number of June 30, June 30,
F/S Purposes Shares 1997 1996
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Common Stock at January 1, 1996 1,485,000 1,485,000 1,485,000
February 1996 300,000 300,000 200,000
December 1996 450,000 450,000 --
February 1997 750,000 580,110 --
--------- --------- ---------
Weighted Average Shares 2,985,000 2,815,110 1,685,000
========= ========= =========
Net Weighted Net (Loss)
6 MONTHS ENDED (Loss) Average Shares Per Share
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June 30, 1996 (308,642) 1,685,000 (0.18)
June 30, 1997 (7,835,118) 2,815,110 (2.78)