1 DIALYSIS CORPORATION OF AMERICA AND SUBSIDIARIES EXHIBIT 11 -- COMPUTATION OF EARNINGS (LOSS) PER SHARE (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, ---------------------------- ---------------------------- 1997 1996 1997 1996 ----------- ----------- ----------- ----------- PRIMARY AND FULLY DILUTED Weighted average shares outstanding 3,561,371 3,334,493 $ 3,575,032 2,883,668 =========== =========== Net effect of dilutive stock options based on the modified treasury stock method 84,317 107,139 ----------- ----------- 3,645,688 3,682,171 =========== =========== Net income (loss) $ 20,180 $ 29,584 $ 42,385 $ (55,065) =========== =========== =========== =========== Net income (loss) per share $ .01 $ .01 $ .01 $ (.02) =========== =========== =========== ===========