Exhibit 11
VALUEVISION INTERNATIONAL, INC. AND SUBSIDIARIES
Computation of Net Income (Loss) Per Share
Three Months Ended October 31,
------------------------------
1997 1996
------------ ------------
Net income (loss) $ (665,774) $ 608,736
============ ===========
Weighted average number of common
shares outstanding 28,031,430 29,789,113
Shares assumed to be issued upon the
exercise of common stock options and
warrants under the treasury stock method 4,032,998 3,838,657
------------ -----------
Weighted average number of common
shares and common equivalent shares
outstanding 32,064,428 33,627,770
============ ===========
Net income (loss) per common and dilutive
common equivalent shares $ (0.02) $ 0.02
============ ===========
Nine Months Ended October 31,
-----------------------------
1997 1996
------------ -----------
Net income $ 18,631,521 $17,207,590
============ ===========
Weighted average number of common
shares outstanding 28,266,557 29,572,658
Shares assumed to be issued upon the
exercise of common stock options and
warrants under the treasury stock method 4,108,813 1,634,316
------------ -----------
Weighted average number of common
shares and common equivalent shares
outstanding 32,375,370 31,206,974
============ ===========
Net income per common and dilutive
common equivalent shares $ 0.58 $ 0.55
============ ===========
20