EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS RYKA INC. AND SUBSIDIARY - -------------------------------------------------------------------------------- THREE MONTHS ENDED MARCH 31, 1996 1995 ----------------------- PRIMARY: Weighted average number of shares outstanding 46,615,326 26,474,326 Net effect of dilutive stock options and warrants (based on the Treasury Stock Method using average market price) - - ------------------------ Total 46,615,326 26,474,326 ======================== Net loss ($ 230,109) ($ 2,240,328) ======================== Net loss per share ($ .01) ($ .08) ========================= FULLY DILUTED: Weighted average number of shares outstanding N/A N/A Net effect of dilutive stock options and warrants (based on the Treasury Stock Method using the quarter-end market price, if greater than the average market price) - - ------------------------- Total N/A N/A ========================= Net loss N/A N/A ========================= Net loss per share N/A N/A ========================= -23-