Exhibit 11 THE QUIGLEY CORPORATION Computation of Earnings (Loss) Per Share Net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents outstanding during each year. As the Company sustained loses in all periods set forth below, the inclusion of common stock equivalents would be anti-dilutive in nature and are not included in the per share calculations. FOR THE YEAR ENDED SEPTEMBER 30, -------------------------------- 1996 1995 1994 ---- ---- ---- Earnings (Loss) per Share: Net Loss before cummulative effect adjustment $(694,269) $(152,556) $(95,348) Cumulative effect adjustment _ _ 21,564 --------- --------- -------- Net Income (loss) $(694,269) $(152,556) $(73,784) ========== ========== ========= Weighted average number of shares outstanding 4,065,589 3,143,245 2,685,301 --------- --------- --------- Assumed issuances under exercise of stock options and warrants -(1) -(1) -(1) Loss per share before cummulative effect adjustment $ (.17) $(.05) $ (.04) Cumulative effect adjustment _ _ .01 ------ ------ -------- Loss per share $ (.17) $(.05) $ (.03) ====== ====== ========= (1) Common stock equivalents outstanding in 1994, 1995 and 1996 were anti- dilutive and therefore not included.