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EXHIBIT 11
APA OPTICS, INC.
Statement RE: Computation
of Per Share Earnings
Three months ended Six months ended
Septmeber 30 September 30
1995 1994 1995 1994
Average common
shares outstanding 7,583,161 7,276,010 7,482,477 7,275,469
Dilutive stock options
and warrants (A) 40,678 0 0 0
Total 7,623,839 7,276,010 7,482,477 7,275,469
Net income (loss) $ 14,795 $(134,235) $( 1,692) $(242,863)
Per share amount $ .00 $(.02) $(.00) $(.03)
(A) Calculated using the "treasury stock" method.