<PAGE>   1




                                                                      EXHIBIT 11
                                CEM CORPORATION
                       COMPUTATION OF EARNINGS PER SHARE
             FOR THE THREE MONTHS ENDED DECEMBER 31, 1996 AND 1995



<TABLE>
<CAPTION>
                                                                  1996        1995          
                                                               ----------  -----------       
<S>                                                            <C>        <C>              
NET INCOME.................................................    $  605,000  $ 1,001,000       
                                                               ==========  ===========       

Weighted average number of shares outstanding..............     3,534,000    3,609,000       
                                             
Number of shares purchasable upon exercise of                                              
  options, reduced by the number of shares                                                 
  which could have been purchased with                                                     
  proceeds from exercise of such options at                                                
  average market price.....................................        11,000      132,000       
                                                               ----------  -----------                          
Weighted average number of shares outstanding,                                             
  as adjusted..............................................     3,545,000    3,741,000       
                                                               ==========  ===========                          

PRIMARY EARNINGS PER SHARE.................................    $      .17  $       .27       
                                                               ==========  ===========       
                                                                                           
NET INCOME.................................................    $  605,000  $ 1,001,000       
                                                               ==========  ===========       
                                                                                           
Weighted average number of shares outstanding..............     3,534,000    3,609,000       
                                                                                           
Number of shares purchasable upon exercise of                                              
  options, reduced by the number of shares                                                 
  which could have been purchased with                                                     
  proceeds from exercise of such options at                                                
  the greater of period-end market price or                                                
  average market price.....................................        11,000      132,000       
                                                               ----------  -----------                         
Weighted average number of shares outstanding,
  as adjusted..............................................     3,545,000    3,741,000       
                                                               ==========  ===========                        
EARNINGS PER COMMON SHARE,                                                                 
  ASSUMING FULL DILUTION...................................    $      .17  $       .27     
                                                               ==========  ===========
</TABLE>                                                                    



<PAGE>   2


                                                                      EXHIBIT 11
                                CEM CORPORATION
                       COMPUTATION OF EARNINGS PER SHARE
              FOR THE SIX MONTHS ENDED DECEMBER 31, 1996 AND 1995

<TABLE>
<CAPTION>
                                                                  1996        1995          
                                                               ----------  -----------       
<S>                                                            <C>        <C>              
NET INCOME.................................................    $  711,000  $ 1,678,000       
                                                               ==========  ===========       

Weighted average number of shares outstanding..............     3,537,000    3,625,000       

Number of shares purchasable upon exercise of                                              
  options, reduced by the number of shares                                                 
  which could have been purchased with                                                     
  proceeds from exercise of such options at                                                
  average market price.....................................        27,000      128,000       
                                                               ----------  -----------                          
Weighted average number of shares outstanding,                                             
  as adjusted..............................................     3,564,000    3,753,000       
                                                               ==========  ===========                          

PRIMARY EARNINGS PER SHARE.................................    $      .20  $       .45       
                                                               ==========  ===========       
                                                                                           
NET INCOME.................................................    $  711,000  $ 1,678,000       
                                                               ==========  ===========       
                                                                                           
Weighted average number of shares outstanding..............     3,537,000    3,625,000       
                                                                                           
Number of shares purchasable upon exercise of                                              
  options, reduced by the number of shares                                                 
  which could have been purchased with                                                     
  proceeds from exercise of such options at                                                
  the greater of period-end market price or                                                
  average market price.....................................        27,000      128,000       
                                                               ----------  -----------                         
Weighted average number of shares outstanding,
  as adjusted..............................................     3,564,000    3,753,000       
                                                               ==========  ===========                        
EARNINGS PER COMMON SHARE,                                                                 
  ASSUMING FULL DILUTION...................................    $      .20  $       .45     
                                                               ==========  ===========
</TABLE>