EXHIBIT 11

                          ULTICOM, INC. AND SUBSIDIARY

                 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                                   (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)

<TABLE>
<CAPTION>
                                                                                  THREE MONTHS ENDED
                                                                       OCTOBER 31, 2000         OCTOBER 31, 2001
<S>                                                                    <C>                      <C>
Basic earnings per share:

      Net income                                                          $  2,306                  $    1,482
                                                                          ========                  ==========

Weighted average number of outstanding common shares                        38,071                      41,088
                                                                          ========                  ==========

Basic earnings per share                                                  $   0.06                  $     0.04
                                                                          ========                  ==========


Diluted earnings per share:

      Net income                                                          $  2,306                  $    1,482
                                                                          ========                  ==========


Weighted average number of outstanding common shares                        38,071                      41,088
Additional shares assuming exercise of stock options                         3,307                       1,870
                                                                          --------                  ----------

Weighted average number of outstanding common shares
      assuming full dilution                                                41,378                      42,958
                                                                          ========                  ==========

Diluted earnings per share                                                $   0.06                  $     0.03
                                                                          ========                  ==========

</TABLE>


<PAGE>
                                                                   EXHIBIT 11

                          ULTICOM, INC. AND SUBSIDIARY

                 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                                   (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)

<TABLE>
<CAPTION>
                                                                                   NINE MONTHS ENDED
                                                                      OCTOBER 31, 2000          OCTOBER 31, 2001
<S>                                                                   <C>                         <C>
Basic earnings per share:

      Net income                                                          $   4,983                 $   9,825
                                                                          =========                 =========

Weighted average number of outstanding common shares                         36,622                    40,865
                                                                          =========                 =========

Basic earnings per share                                                  $    0.14                 $    0.24
                                                                          =========                 =========


Diluted earnings per share:

      Net income                                                          $   4,983                 $   9,825
                                                                          =========                 =========

Weighted average number of outstanding common shares                         36,622                    40,865

Additional shares assuming exercise of stock options                          3,078                     2,494
                                                                          ---------                 ---------

Weighted average number of outstanding common shares
      assuming full dilution                                                 39,700                    43,359
                                                                          =========                 =========

Diluted earnings per share                                                $    0.13                 $    0.23
                                                                          =========                 =========


</TABLE>