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                                                                      EXHIBIT 11
 
                       VERITAS DGC INC. AND SUBSIDIARIES
 
                  COMPUTATION OF INCOME (LOSS) PER COMMON AND
                            COMMON EQUIVALENT SHARE
                FOR THE YEARS ENDED JULY 31, 1996, 1995 AND 1994
                    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
 
<TABLE>
<CAPTION>
                                                               YEARS ENDED JULY 31,
                                                       -------------------------------------
                                                        1996           1995           1994
                                                       -------       --------       --------
<S>                                                    <C>           <C>            <C>
PRIMARY INCOME (LOSS) PER SHARE:
  Weighted average shares of common stock
     outstanding(1)..................................   11,005         10,958          9,769
  Shares issuable from assumed conversion of:
     Warrants........................................      105              7
     Stock options...................................       21              1
                                                       -------       --------        -------
  Weighted average shares outstanding, as adjusted...   11,131(3)      10,966(3)       9,769
                                                       =======       ========        =======
  Primary income (loss) per share....................  $   .03       $    .25       $  (1.48)
                                                       =======       ========        =======
FULLY DILUTED INCOME (LOSS) PER SHARE:
  Weighted average shares of common stock
     outstanding(1)..................................   11,005         10,958          9,769
  Shares issuable from assumed conversion of:
     Warrants........................................      127              7
     Stock options...................................       86              1
                                                       -------       --------        -------
  Weighted average shares outstanding, as adjusted...   11,218         10,966          9,769
                                                       =======       ========        =======
  Fully diluted income (loss) per share..............  $   .03(3)    $    .25(3)    $  (1.48)(2)
                                                       =======       ========        =======
NET INCOME (LOSS) FOR PRIMARY AND FULLY DILUTED
  COMPUTATION........................................  $   385       $  2,778       $(14,426)
                                                       =======       ========        =======
</TABLE>
 
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(1) Weighted average shares of common stock outstanding for all periods have
    been restated for a one for three reverse stock split consummated on January
    17, 1995.
 
(2) This calculation is submitted in accordance with Item 601(b)11 of Regulation
    S-K although warrants and stock options issued had no dilutive effect.
 
(3) This calculation is submitted in accordance with Item 601(b)11 of Regulation
    S-K although not required by footnote 2 to paragraph 14 of APB Opinion No.
    15 because warrants and options result in dilution of less than 3%.