1 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.