EXHIBIT 11.01 TRO LEARNING, INC. COMPUTATION OF INCOME (LOSS) PER SHARE AND EQUIVALENT SHARE OF COMMON STOCK (IN THOUSANDS, EXCEPT PER SHARE DATA) - -------------------------------------------------------------------------------- YEAR ENDED OCTOBER 31, ---------------------------- 1997 1996 1995 --------- -------- ------- AVERAGE SHARES OUTSTANDING: 1. Weighted average number of shares of common stock outstanding during the period....... 6,233 6,120 6,066 2. Net additional shares assuming stock options and warrants exercised........................... -- 523 214 --------- -------- ------- 3. Weighted average number of shares and equivalent shares of common stock outstanding during the period.............................. 6,233 6,643 6,280 --------- -------- ------- --------- -------- ------- INCOME (LOSS): 4. Net income (loss).............................. $(20,217) $ 982 $3,752 --------- -------- ------- --------- -------- ------- PER SHARE AMOUNTS: Net income (loss)(line 4/line 3).................. $ (3.24) $ 0.15 $ 0.60 --------- -------- ------- --------- -------- -------