
<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,
                                                       ----------------------        ----------------------
                                                        1999            1998          1999           1998
<S>                                                    <C>            <C>            <C>            <C>
Shares of common stock outstanding at
  beginning of period (1)                                6,946          6,934          6,943          6,920
Weighted-average shares issued during the period             -              1              3             12
                                                       -------        -------        -------        -------
Actual weighted average share outstanding
  for the period                                         6,946          6,935          6,946          6,932
Dilutive stock options and warrants using
  average market price                                       -              -              -              -
                                                       -------        -------        -------        -------
Dilutive shares outstanding                              6,946          6,935          6,946          6,932
                                                       =======        =======        =======        =======
Net loss                                               $(5,496)       $(2,724)       $(8,612)       $(4,328)
                                                       =======        =======        =======        =======
Loss per share - basic and dilutive                    $ (0.79)       $ (0.39)       $ (1.24)       $ (0.62)
                                                       =======        =======        =======        =======
</TABLE>


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

See Notes to Consolidated Financial Statements.


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