Exhibit 11

CELSION CORPORATION

COMPUTATION OF EARNINGS PER SHARE

	Three Months Ended September 30,						Nine Months Ended September 30,
	2006			2005			2006			2005
Net loss attributable to common stockholders	$	(991,148	)	$	(1,953,865	)	$	(6,497,468	)	$	(6,561,155	)
Net (loss) income per common share*	$	(0.09	)	$	(0.18	)	$	(0.61	)	$	(0.61	)
Weighted average shares outstanding (1)		10,737,222			10,709,323			10,728,100			10,724,530

* Common stock equivalents have been excluded from the calculation of net loss per share as their inclusion would be anti-dilutive.

(1) Adjusted to reflect the 15:1 reverse stock split of February 27, 2006