EXHIBIT 11



COMARCO, INC. AND SUBSIDIARIES



SCHEDULE OF COMPUTATION OF EARNINGS
(LOSS) PER SHARE

(In thousands, except per share data)



|                                                                                                     |  | Years Ended January 31, |        
|---------------------------------------------------------------------------------------------------- |  | ----------------------- | -------
|                                                                                                     |  | 2003                    |        
|Basic:                                                                                               |  |                         |        
|Net income (loss) from continuing operations                                                         |  | $                       | (7,632 
|Weighted average shares outstanding                                                                  |  |                         | 6,993  
|                                                                                                     |  |                         |        
|Basic earnings (loss) per share from continuing operations                                           |  | $                       | (1.09  
|                                                                                                     |  |                         |        
|Net loss from discontinued operations                                                                |  | $                       |       
|Weighted average shares outstanding                                                                  |  |                         | 6,993  
|                                                                                                     |  |                         |        
|Basic loss per share from discontinued operations                                                    |  | $                       |       
|                                                                                                     |  |                         |        
|Cumulative effect of accounting change                                                               |  | $                       | (2,926 
|Weighted average shares outstanding                                                                  |  |                         | 6,993  
|                                                                                                     |  |                         |        
|Basic loss per share from cumulative effect of accounting change                                     |  | $                       | (0.42  
|                                                                                                     |  |                         |        
|Net income (loss)                                                                                    |  | $                       | (10,558
|Weighted average shares outstanding                                                                  |  |                         | 6,993  
|                                                                                                     |  |                         |        
|Basic earnings (loss) per share                                                                      |  | $                       | (1.51  
|                                                                                                     |  |                         |        
|                                                                                                    
|Diluted:                                                                                             |  |                         |        
|Net income (loss) from continuing operations                                                         |  | $                       | (7,632 
|Effect of subsidiary options                                                                         |  |                         |       
|                                                                                                     |  |                         |        
|Net income (loss) used in calculation of diluted earnings per share from continuing
operations       |  | $                       | (7,632 
|                                                                                                     |  |                         |        
|Weighted average shares outstanding                                                                  |  |                         | 6,993  
|Effect of dilutive securities  stock options                                                        |  |                         |       
|                                                                                                     |  |                         |        
|Weighted average shares used in calculation of diluted earnings per share from
continuing operations |  |                         | 6,993  
|                                                                                                     |  |                         |        
|Diluted earnings (loss) per share from continuing operations                                         |  | $                       | (1.09  
|                                                                                                     |  |                         |        
|Net loss from discontinued operations                                                                |  | $                       |       
|Effect of subsidiary options                                                                         |  |                         |       
|                                                                                                     |  |                         |        
|Net loss used in calculation of diluted loss per share from discontinued
operations                  |  | $                       |       
|                                                                                                     |  |                         |        



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COMARCO, INC. AND SUBSIDIARIES



SCHEDULE OF COMPUTATION OF EARNINGS (LOSS) PER
SHARE(Continued)

(In thousands, except per share data)



|                                                                                                                  |  | Years Ended January 31, |        
|----------------------------------------------------------------------------------------------------------------- |  | ----------------------- | -------
|                                                                                                                  |  | 2003                    |        
|Weighted average shares outstanding                                                                               |  |                         | 6,993  
|Effect of dilutive securities  stock options                                                                     |  |                         |       
|                                                                                                                  |  |                         |        
|Weighted average shares used in calculation of diluted loss per share from discontinued
operations                |  |                         | 6,993  
|                                                                                                                  |  |                         |        
|Diluted loss per share from discontinued operations                                                               |  | $                       |       
|                                                                                                                  |  |                         |        
|Cumulative effect of accounting change                                                                            |  | $                       | (2,926 
|Effect of subsidiary options                                                                                      |  |                         |       
|                                                                                                                  |  |                         |        
|Net loss used in calculation of diluted loss per share from cumulative effect of
accounting change                |  | $                       | (2,926 
|                                                                                                                  |  |                         |        
|Weighted average shares outstanding                                                                               |  | $                       | 6,993  
|Effect of dilutive securities  stock options                                                                     |  |                         |       
|                                                                                                                  |  |                         |        
|Weighted average shares used in calculation of diluted loss per share from cumulative
effect of accounting change |  | $                       | 6,993  
|                                                                                                                  |  |                         |        
|Diluted loss per share from cumulative effect of accounting change                                                |  | $                       | (0.42  
|                                                                                                                  |  |                         |        
|Net income (loss)                                                                                                 |  | $                       | (10,558
|Effect of subsidiary options                                                                                      |  |                         |       
|                                                                                                                  |  |                         |        
|Net income (loss) used in calculation of diluted earnings per share                                               |  | $                       | (10,558
|                                                                                                                  |  |                         |        
|Weighted average shares outstanding                                                                               |  |                         | 6,993  
|Effect of dilutive securities  stock options                                                                     |  |                         |       
|                                                                                                                  |  |                         |        
|Weighted average shares used in calculation of diluted earnings (loss) per
share                                  |  |                         | 6,993  
|                                                                                                                  |  |                         |        
|Diluted earnings (loss) per share                                                                                 |  | $                       | (1.51  
|                                                                                                                  |  |                         |        



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