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                                 EXHIBIT NO. 11

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




                                                           Three Months Ended  
                                                                March 31,      
                                                           ------------------  
                                                             1997      1996    
                                                           --------  --------  
                                                                      
Shares of common stock outstanding at                                          
   beginning of period (1)                                   6,828     6,697   
                                                                               
Weighted-average shares issued during the period                --        19   
                                                                               
Weighted-average shares assumed issued under                                   
   stock option plans and exercise of warrants                                 
   during the period (assuming the treasury                                    
   stock method)                                                --        99   
                                                           -------    ------   
                                                                               
Average common and common equivalent shares outstanding      6,828     6,815   
                                                           =======    ======   
                                                                               
Net income (loss)                                          $(1,422)   $  918   
                                                           =======    ======   
                                                                               
Earnings (loss) per share                                  $ (0.21)   $ 0.13   
                                                           =======    ======   




(1)   This represents total outstanding shares of common stock less treasury
      shares.

See Notes to Consolidated Financial Statements.