CAREER EDUCATION CORPORATION AND SUBSIDIARIES

                                  EXHIBIT 11

             Statement Regarding Computation of Earnings Per Share

                 (Amounts in thousands, except per share data)



                                                                                                   PRO FORMA
                                                                                                 Three Months
                                                                   Three Months Ended               Ended
                                                                        March 31,                  March 31,
                                                                 -------------------------       -----------
                                                                  1998              1997             1997
                                                                 -------           -------       -----------
                                                                                          
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON
STOCKHOLDERS, as reported                                        $(3,142)          $   418          $ (261)

     Dividends on preferred stock                                    274               300               -

     Accretion to redemption value of preferred stocks and
     warrants                                                      2,055                81               -
                                                                 -------           -------          ------
Pro forma income (loss) attributable to common stockholders      $  (813)          $   799          $ (261)
                                                                 =======           =======          ======

Pro forma Basic Earnings Per Share:

     Common stock outstanding                                      4,638               768             768

     Preferred stock conversion                                      940               925             925

     Warrant conversion                                              242               259             259
                                                                 -------           -------          ------
          Total weighted average shares outstanding                5,820             1,952           1,952
                                                                 =======           =======          ======

Pro forma income (loss) per share attributable to common
stockholders                                                     $ (0.14)          $  0.41          $(0.13)
                                                                 =======           =======          ======

Pro forma Diluted Earnings Per Share:

     Common stock outstanding                                      4,638               768             768

     Preferred stock conversion                                      940               925             925

     Warrant conversion                                              242               259             259

     Common stock equivalents                                          -                69               -
                                                                 -------           -------          ------
          Total weighted average shares outstanding                5,820             2,021           1,952
                                                                 =======           =======          ======
Pro forma income (loss) per share attributable to common
stockholders                                                     $ (0.14)          $  0.40          $(0.13)
                                                                 =======           =======          ======