Exhibit 11 DATARAM CORPORATION AND SUBSIDIARIES Computation of Earnings per Share Year ended April 30, 1997, 1996 and 1995 Year Ended April 30, _________________________________________________________________________ 1997 1996 1995 ______________________ ______________________ _______________________ Primary Fully Diluted Primary Fully Diluted Primary Fully Diluted _______ _____________ _______ _____________ _______ _____________ Shares: Weighted averaged number Of shares of common Stock outstanding 3,360,975 3,360,975 3,816,261 3,816,261 3,796,526 3,796,526 Effect of dilutive common stock options(1) 71,286 103,260 19,097 16,354 _________ _________ _________ _________ _________ _________ Adjusted shares 3,432,261 3,464,235 3,835,358 3,832,615 3,796,526 3,796,526 ========= ========= ========= ========= ========= ========= Net Earnings (Loss) $3,769,000 $3,769,000 $1,450,000 $1,450,000 $(1,299,000) $(1,299,000) __________ __________ __________ __________ _____________ ____________ Earnings (loss) per Share (net earnings (Loss) divided by Adjusted shares) $ 1.10 $ 1.09 $ 0.38 $ 0.38 $ (0.34) $ (0.34) __________ __________ __________ __________ _____________ ____________ (1) In 1995, the calculation was based solely on weighted averaged number of shares outstanding, as all options were anti-dilutive.