Exhibit 11

THE MIDDLETON DOLL COMPANY AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARE

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2003			2002		2003			2002
Net income available to
common shareholders	$	(78,623	)	$	756,361	$	(100,126	)	$	2,071,877
Determination of shares:
Weighted average common shares
outstanding (basic)		3,727,589			3,727,589		3,727,589			3,727,589
Assumed conversion of stock options		15,800			--		7,144			--
Weighted average common shares
outstanding (diluted)		3,743,389			3,727,589		3,734,733			3,727,589
Basic earnings per share	$	(0.02	)	$	0.20	$	(0.03	)	$	0.56
Diluted earnings per share	$	(0.02	)	$	0.20	$	(0.03	)	$	0.56