
<PAGE>
 
                                                                    EXHIBIT 11.1


                              Balance Bar Company

                 Statement of Computation of Per Share Earnings
                   (amounts in 000's, except per share data)


<TABLE>
<CAPTION>
                                                            1998                     1997                     1996
                                                      ----------------         ------------------       -----------------
 
<S>                                                   <C>                      <C>                      <C>
Net income                                                 $ 5,112                  $ 1,660                   $1,615
     Less - preferred stock dividends                           --                       --                       --
                                                           -------                  -------                   ------
Income available to stockholders                           $ 5,112                  $ 1,660                   $1,615
                                                           =======                  =======                   ======
                                                                                                              
Weighted average number of shares                                                                             
     Outstanding for basic earnings per share               10,634                    9,302                    8,410
Effect of dilutive securities (shares issuable upon                                                           
     exercise of stock options determined by the                                                              
     treasury stock method)                                  1,806                    1,741                      933
                                                           -------                  -------                   ------
Weighted average number of shares outstanding                                                                 
     for diluted earnings per share                         12,440                   11,043                    9,343
                                                           =======                  =======                   ======
                                                                                                              
Earnings per share:                                                                                           
     Basic                                                 $  0.48                  $  0.18                   $ 0.19
                                                           =======                  =======                   ======
                                                                                                              
     Diluted                                               $  0.41                  $  0.15                   $ 0.17
                                                           =======                  =======                   ======
</TABLE>
