Exhibit 11
                                                                      ----------

                    COMPUTER NETWORK TECHNOLOGY CORPORATION

Statement Re:  Computation of Net Income (Loss) Per Common and Common Equivalent
               Share

                                  (Unaudited)


                                          Three Months Ended March 31,
                                          ----------------------------
                                              1995          1994
                                           -----------   ----------- 
                                                   
 
Net Income (loss)                          $ 1,747,052   $(8,690,345)
                                           -----------   ----------- 
Primary Earnings (Loss) Per Share
- - - - ---------------------------------    
Weighted average number of common shares 
  outstanding                               22,416,016    21,258,040
 
Dilutive effect of outstanding common 
  equivalent shares (1)                        904,363         -
                                           -----------   ----------- 
 
Weighted average number of common and 
  common equivalent shares outstanding      23,320,379    21,258,040
                                           -----------   ----------- 
          
Net income (loss) per common and common 
  equivalent share                                $.07         $(.41)
                                           -----------   ----------- 
 
Fully Diluted Earnings (Loss) Per Share:
- - - - ----------------------------------------
Weighted average number of common shares 
  outstanding                               22,416,016    21,258,040
 
Dilutive effect of outstanding common 
  equivalent shares (2)                      1,049,480         -
                                           -----------   ----------- 
 
Weighted average number of common and 
  common equivalent shares outstanding      23,465,496    21,258,040
                                           -----------   ----------- 
          
Net income (loss) per common and common 
  equivalent share                                $.07         $(.41)
                                           -----------   ----------- 


(1) For the three month period ended March 31, 1995, outstanding stock options 
    and warrants issuable under various stock option plans, warrant agreements,
    and the employee stock purchase plan (as disclosed in the notes to the
    consolidated financial statements incorporated by reference in the Company's
    annual report on Form 10-K for the fiscal year ended December 31, 1994) are
    converted to common equivalent shares by the treasury stock method using the
    average market price during the period for the Company's shares. For the
    three month period ended March 31, 1994, such stock options, warrants, and
    shares issuable under the employee stock purchase plan are not included in
    the computation due to their anti-dilutive nature.

(2) Outstanding stock options and warrants issuable under various stock option 
    plans, warrant agreements, and the employee stock purchase plan are
    converted to common equivalent shares by the treasury stock method using the
    higher of the average market price during the period or the market price at
    the end of the period for the Company's shares. For the three months ended
    March 31, 1994, such stock options, warrants, and shares issuable under the
    employee stock purchase plan are not included in the computation due to
    their anti-dilutive nature.

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