EXHIBIT 11 SINCLAIR BROADCAST GROUP, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE (UNAUDITED, IN THOUSANDS, EXCEPT PER SHARE DATA) THREE MONTHS ENDED SIX MONTHS JUNE 30, ENDED JUNE 30, 1996 1997 1996 1997 ------------------------------------------------- Weighted-average number of common shares.... 34,750 34,639 34,750 34,746 Dilutive effect of outstanding stock options 150 12 80 12 Dilutive effect of conversion of preferred shares.................................... 1,425 4,139 716 4,155 ------------------------------------------------- Weighted-average number of common and common Equivalent shares outstanding...... 36,325 38,790 35,546 38,913 ================================================= Net income (loss)........................... $ 1,969 $ 1,792 1,511 (5,822) ================================================= Net income (loss) per common share......... $ 0.05 $ 0.05 $ 0.04 $ (0.17) =================================================