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                                                                      EXHIBIT 11

                                  HPSC, INC.

                            CALCULATION OF EARNINGS PER SHARE
                             OUTSTANDING SHARE RECONCILIATION

                                    Quarter ended 9/30/96    Nine Months Ended 9/30/96
                                    ---------------------    -------------------------
                                                               
      Outstanding                         4,786,530                  4,786,530          
                                                                                        
          LESS:                                                                         
          ----                                                                          
                                                                                        
  Unissued ESOP/SESOP                      (560,348)                  (560,348)         
                                                                                        
  Restricted Stock Grants                  (337,000)                  (337,000)         
                                           --------                   --------          
                                                                                        
                                          3,889,182                  3,889,182          
                                                                                        
Weighted Average Adjusted                    -0-                       (19,963)
                                                                                        
          ADD:                                                                          
          ---                                                                           
                                                                                        
      Option Effect                         256,088                    238,095          
                                                                                        
"EARNINGS PER SHARE" SHARES               4,145,270                  4,107,314