EXHIBIT 11 ENZO BIOCHEM, INC. COMPUTATION OF PER-SHARE EARNINGS Years ended July 31, 1996, 1995 and 1994 1996* 1995* 1994* ----- ----- ----- Primary Average shares outstanding 22,593,000 22,005,200 21,469,200 Net effect of dilutive stock options and warrants -- based on the treasury stock method using average market price -- 1,069,900 1,158,400 ----------- ----------- ----------- Total 22,593,000 23,075,100 22,627,600 ----------- ----------- ----------- ----------- ----------- ----------- Income (loss) before extraordinary items $(7,707,500) $ 5,618,100 $ 5,101,200 Extraordinary gain -- -- 150,000 ----------- ----------- ----------- Net income (loss) $(7,707,500) $ 5,618,100 $ 5,251,200 ----------- ----------- ----------- ----------- ----------- ----------- Per common and common equivalent share Income (loss) before extraordinary item ($.34) $.24 $.22 Extraordinary gain -- -- .01 ----- ----- ----- Net income (loss) ($.34) $.24 $.23 ----- ----- ----- ----- ----- ----- *Shares and per share amounts have been adjusted for the 5% stock dividend declared in fiscal 1995 and for the 5% stock dividend declared in September 1996. E-25