1 EXHIBIT 11 NANOPHASE TECHNOLOGIES CORPORATION STATEMENT REGARDING COMPUTATION OF LOSS PER SHARE (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30 NINE MONTHS ENDED SEPTEMBER 30, -------------------------------------- ------------------------------ 1998 1997 1998 1997 ---------------- ----------------- -------------- -------------- HISTORICAL: Weighted average common shares outstanding 12,507,068 77,586 12,365,738 77,586 ================ ================= ============== ============== Net loss $ (1,420,851) $ (638,525) $ (3,907,665) $ (3,304,416) ================ ================= ============== ============== Net loss per common share $ (0.11) $ (8.23) $ (0.32) $ (42.59) ================ ================= ============== ============== PRO FORMA: Weighted average common shares outstanding n/a 77,586 n/a 77,586 Weighted average preferred shares outstanding n/a 7,929,806 n/a 7,585,514 ---------------- ----------------- -------------- -------------- Total n/a 8,007,392 n/a 7,663,100 ================ ================= ============== ============== Net loss n/a $ (638,525) n/a $(3,304,416) ================ ================= ============== ============== Pro forma net loss per common share n/a $ (0.08) n/a $ (0.43) ================ ================= ============== ==============