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EXHIBIT 11

                          SMITH TECHNOLOGY CORPORATION
             (FORMERLY SMITH ENVIRONMENTAL TECHNOLOGIES CORPORATION)

                    COMPUTATION OF (LOSS) EARNINGS PER SHARE
                    (IN THOUSANDS, EXCEPT COMMON SHARE DATA)
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                     THREE MONTHS ENDED              NINE MONTHS ENDED
                                                          JUNE 30,                       JUNE 30,
                                                   ----------------------        -----------------------
                                                     1997           1996            1997           1996
                                                   -------        -------        --------        -------
<S>                                                 <C>            <C>             <C>            <C>
PRIMARY

Weighted average shares of common
       stock outstanding                             6,267          5,862           6,186          5,857
Incremental shares applicable to assumed
       exercise of stock options                        --             15              --             23
                                                   -------        -------        --------        -------

Weighted average number of common and
       common equivalent shares  outstanding         6,267          5,877           6,186          5,880
                                                   =======        =======        ========        =======

Income before extraordinary charge                 $(5,249)       $(2,595)       $(11,162)       $(2,210)

Extraordinary charge                                    --           (113)                        (1,395)
                                                   -------        -------        --------        -------

Net (loss) income                                  $(5,249)       $(2,708)       $(11,162)       $(3,605)
                                                   =======        =======        ========        =======

Net (loss) income applicable to common stock       $(5,460)       $(2,841)       $(11,815)       $(3,875)
                                                   =======        =======        ========        =======

Income (loss) per common and common
       equivalent share:

Income before extraordinary charge                 $ (0.84)       $ (0.44)       $  (1.80)       $ (0.38)

Extraordinary charge                                    --          (0.02)             --          (0.24)
                                                   -------        -------        --------        -------

Net (loss) income                                  $ (0.84)       $ (0.46)       $  (1.80)       $ (0.61)
                                                   =======        =======        ========        =======

Net (loss) income applicable to common stock       $ (0.87)       $ (0.48)       $  (1.91)       $ (0.66)
                                                   =======        =======        ========        =======
</TABLE>


The computation of income (loss) per common equivalent share on a fully diluted
basis does not materially differ from the amounts calculated on a primary basis.


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