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                                 EXHIBIT NO. 11

                  STUART ENTERTAINMENT, INC. AND SUBSIDIARIES
             STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
                (Dollars In Thousands, Except Per Share Amounts)
                                  (UNAUDITED)




                                                        Three Months Ended
                                                               March 31,       
                                                      -------------------------
                                                      1996                1995 
                                                      -----             -------
                                                                 
Shares of common stock outstanding                    
  at beginning of period (1)                          6,697            6,539
                                                      
Weighted-average shares issued                        
  during the period                                      19               56
                                                      
Weighted-average shares assumed                       
  issued under stock option plans                     
  and exercise of warrants during                     
  the period (assuming the treasury                   
  stock method)                                          99               82
                                                      -----            -----
                                                      
Average common and common equivalent                  
  shares outstanding                                  6,815            6,677
                                                      =====            =====
                                                      
Net income                                            $ 918            $ 238
                                                      =====            =====
Earnings per share                                    $0.13            $0.04
                                                      =====            =====


(1)      This represents total outstanding shares of common stock less treasury
shares.  See Note 2 of Notes to Consolidated Financial Statements.

See Notes to Consolidated Financial Statements in Part I.