EXHIBIT 11
CD RADIO INC.
(A DEVELOPMENT STAGE ENTERPRISE)
COMPUTATION OF NET LOSS PER SHARE
For the period
May 17, 1990
Three months ended Nine months ended (date of
----------------------------- -------------------------------- inception)
September September September September to September
30, 30, 30, 30, 30,
1996 1995 1996 1995 1996
------------ ----------- ------------- -------------- ---------------
Net loss ($667,488) ($705,498) ($1,871,372) ($1,654,597) ($17,576,657)
============ =========== ============= ============== ===============
Weighted average common shares 9,405,766 9,219,949 9,440,913 9,206,034 7,024,303
outstanding
Net common shares issuable upon
the exercise of outstanding
options issued within one year
of initial public offering
-- -- -- -- 373,018
Weighted average common shares
outstanding
9,405,677 9,219,949 9,440,913 9,206,034 7,397,321
============ =========== ============= ============== ===============
Net loss per common share and
common share equivalent
($0.07) ($0.08) ($0.20) ($0.18) ($2.50)
============ =========== ============= ============== ===============
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