<PAGE>
 
                                                                      Exhibit 11

                     TOKHEIM CORPORATION AND SUBSIDIARIES
                STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
                   FOR THE THREE MONTH AND SIX MONTH PERIODS
                      ENDED MAY 31, 1996 and MAY 31, 1995


Primary earnings per share are based on the weighted average number of shares
outstanding during each year and the assumed exercise of dilutive employees'
stock options less the number of treasury shares assumed to be purchased from
the proceeds using the average market price of the Company's common stock.
 
The following table presents information necessary to calculate earnings per
share for the three month and six month periods ended May 31, 1996 and
May 31, 1995:

    
<TABLE>
<CAPTION> 
                                                                                             PRIMARY
                                                                             ----------------------------------------
                                                                             Three Months Ended       Six Months Ended
                                                                             -------------------    --------------------
                                                                             May 31,     May 31,     May 31,     May 31,
                                                                              1996        1995        1996        1995
                                                                             --------------------------------------------
<S>                                                                          <C>         <C>         <C>         <C> 
Shares outstanding (in thousands):
 Weighted average outstanding............................................     7,938       7,877       7,938        7,864
 Share equivalents.......................................................        71          27          --           --
                                                                             ------      ------      ------      -------
 Adjusted outstanding....................................................     8,009       7,904       7,938        7,864
                                                                             ======      ======      ======      =======
                                                                                                                 
Net earnings (loss)......................................................    $  536      $  526      $ (132)     $  (837)
Preferred stock dividends................................................      (385)       (395)       (774)        (796)
                                                                             ------      ------      ------      -------
Net earnings (loss) applicable to                                                                               
 common stock............................................................    $  151      $  131      $ (906)     $(1,633)
                                                                             ======      ======      ======      =======    
                                                                             
Net earnings (loss) per common share.....................................    $ 0.02      $ 0.02      $(0.11)     $ (0.21)
                                                                             ======      ======      ======      =======    
</TABLE>
      
For financial reporting purposes, the loss per share, assuming full dilution, is
considered to be the same as primary since the effect of the common stock
equivalents would be antidilutive.
    
<TABLE>
<CAPTION> 
                                                                                          FULLY DILUTED
                                                                             -------------------------------------------
                                                                             Three Months Ended       Six Months Ended
                                                                             -------------------    --------------------
                                                                             May 31,     May 31,     May 31,     May 31,
                                                                              1996        1995        1996        1995
                                                                             ------------------------------------------- 
<S>                                                                          <C>         <C>         <C>         <C> 
Shares outstanding (in thousands):
 Weighted average outstanding............................................     7,938       7,877       7,938        7,864
 Share equivalents.......................................................        71          33          63           33
 Weighted conversion of preferred                                                                               
  stock..................................................................     1,672       1,749       1,714        1,693
                                                                             ------      ------      ------      -------
 Adjusted outstanding....................................................     9,681       9,659       9,715        9,590
                                                                             ======      ======      ======      =======    
                                                                                                                
Net earnings (loss)......................................................    $  536      $  526      $ (132)     $  (837)
Incremental RSP expense..................................................      (385)       (395)       (774)        (796)
                                                                             ------      ------      ------      -------    
Net earnings (loss) applicable to common                                                                        
 stock...................................................................    $  151      $  131      $ (906)     $(1,633)
                                                                             ======      ======      ======      =======    
                                                                                                                
Net earnings (loss) per common share.....................................    $ 0.02      $ 0.01      $(0.09)     $ (0.17)
                                                                             ======      ======      ======      =======    
</TABLE>