
<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       Nine Months Ended
                                                           September 30,            September 30,
                                                         ------------------      -------------------
                                                            1998     1997          1998       1997
                                                         --------  --------      --------   --------

<S>                                                      <C>       <C>           <C>        <C>
Shares of common stock outstanding at
 beginning of period (1)                                    6,935     6,828         6,920      6,828

Weighted-average shares issued during the period                3        68            16         23
                                                         --------  --------      --------   --------
Actual weighted average share outstanding
 for the period                                             6,938     6,896         6,936      6,851

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

Dilutive shares outstanding                                 6,938     6,896         6,936      6,851
                                                         ========  ========      ========   ========

Net loss                                                 $ (3,805) $ (2,521)     $ (8,133)  $ (5,058)
                                                         ========  ========      ========   ========

Loss per share-basic and dilutive                        $  (0.55) $  (0.37)     $  (1.17)  $  (0.74)
                                                         ========  ========      ========   ========
</TABLE>


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

          See Notes to Consolidated Financial Statements.




                                       
