Exhibit 11

CELSION CORPORATION

COMPUTATION OF EARNINGS PER SHARE

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Net loss from continuing operatons - basic and diluted	$	(4,340,070	)	$	(3,650,712	)	$	(10,852,077	)	$	(11,515,968	)
Net income from discontinued operations - basic and diluted	$	—		$	33,054		$	—		$	49,755,211
Net (loss) / income - basic and diluted	$	(4,340,070	)	$	(3,617,658	)	$	(10,852,077	)	$	38,239,243
Weighted average shares outstanding - basic	10,149,055			10,774,497			10,146,339			10,764,878
Dilutive securities - options and warrants	—			—			—			761,839
Adjusted weighted average shares outstanding - dilutive	10,149,055			10,774,497			10,146,339			11,526,717
Net loss from continuing operations per common share - basic	$	(0.43	)	$	(0.34	)	$	(1.07	)	$	(1.07	)
Net loss from continuing operations per common share - diluted	$	(0.43	)	$	(0.34	)	$	(1.07	)	$	(1.07	)
Net income from discontinued operations per common share - basic	$	—		$	0.00		$	—		$	4.62
Net income from discontinued operations per common share - diluted	$	—		$	0.00		$	—		$	4.32
Net (loss) / income per common share - basic	$	(0.43	)	$	(0.34	)	$	(1.07	)	$	3.55
Net (loss) / income per common share - diluted	$	(0.43	)	$	(0.34	)	$	(1.07	)	$	3.32

·For the three and nine month periods ended September 30, 2008 outstanding warrants and options that can be converted into Common Stock are not included as their effect was anti-dilutive.