EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE SINCLAIR BROADCAST GROUP, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FOR THE YEARS ENDED DECEMBER 31, 1994, 1995 AND 1996 (IN THOUSANDS, EXCEPT PER SHARE DATA) 1994 1995 1996 -------- ------- -------- Weighted-average number of common shares ... 29,000 32,198 34,748 Dilutive effect of outstanding stock options -- 7 170 Dilutive effect of conversion of preferred shares ..................................... -- -- 2,463 ------- ------- ---------- Weighted-average number of common and common equivalent shares outstanding .............. 29,000 32,205 37,381 ======= ======= ========== Net income (loss) before extraordinary item $(2,740) $ 4,988 $ 1,131 ======= ======= ========== Net income (loss) per common and common equivalent share before extraordinary item . $ (0.09) $ 0.15 $ 0.03 ======= ======= ========== Net income (loss) .......................... $(2,740) $ 76 $ 1,131 ======= ======= ========== Net income (loss) per common and common equivalent share ........................... $ (0.09) $ -- $ 0.03 ======= ======= ==========