
<PAGE>   1


                                 EXHIBIT NO. 11

                   STUART ENTERTAINMENT, INC. AND SUBSIDIARIES
             STATEMENTS REGARDING COMPUTATION OF PER SHARE EARNINGS
                (Amounts In Thousands, Except Per Share Amounts)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                        Three Months Ended          Six  Months Ended
                                                             June 30,                   June 30,
                                                      ---------------------       ---------------------
                                                        1998         1997          1998          1997
                                                      -------       -------       -------       -------
<S>                                                   <C>           <C>           <C>           <C>  
Shares of common stock outstanding at
  beginning of period (1)                               6,934         6,828         6,920         6,828

Weighted-average shares issued during the period            1            --            12            --
                                                      -------       -------       -------       -------
Actual weighted average share outstanding
  for the period                                        6,935          6828         6,932         6,828

Dilutive stock options and warrants using
  average market price                                     --            --            --            --
                                                      -------       -------       -------       -------

Dilutive shares outstanding                             6,935         6,828         6,932         6,828
                                                      =======       =======       =======       =======

Net loss                                              $(2,724)      $(1,115)      $(4,328)      $(2,537)
                                                      =======       =======       =======       =======

Loss per share - basic and dilutive                   $ (0.39)      $ (0.16)      $ (0.62)      $ (0.37)
                                                      =======       =======       =======       =======
</TABLE>

(1)      This represents total outstanding shares of common stock less treasury
         shares.

See Notes to Consolidated Financial Statements.




