1 DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES EXHIBIT 11 -- COMPUTATION OF EARNINGS (LOSS) PER SHARE (UNAUDITED) Three Months Ended March 31, ------------------ 1997 1996 ---- ---- PRIMARY AND FULLY DILUTED Weighted average shares outstanding 3,588,844 2,432,844 =========== Net effect of dilutive stock options based on the modified treasury stock method 123,222 ---------- 3,712,066 ========== Net income (loss) $ 22,205 $ (84,649) ========== =========== Net income (loss) per share $ .01 $ (.03) ========== ===========