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                    AURORA ELECTRONICS, INC. AND SUBSIDIARIES

                        COMPUTATION OF PER SHARE EARNINGS

                      (In thousands, except per share data)
                                  (Unaudited)




<TABLE>
<CAPTION>
                                                                  Three Months Ended December 31,               
                                                  -------------------------------------------------------------- 
                                                             1995                                1994           
                                                  --------------------------          --------------------------
                                                  Primary      Fully Diluted          Primary      Fully Diluted
                                                  -------      -------------          -------      -------------
<S>                                               <C>           <C>                   <C>           <C>         
Net income                                        $  104          $  104              $  877          $  877    
                                                                                                                
Add:  Interest expense, net of income                                                                           
tax, on debenture due 2001 and                                                                                  
Promissory Notes due 1997                              -               -                   -             163    
                                                  ------          ------              ------          ------    
                                                                                                                
Adjusted net earnings                             $  104          $  104              $  877          $1,040    
                                                  ======          ======              ======          ======    
                                                                                                                
                                                                                                                
                                                                                                                
                                                                                                                
ADJUSTED NUMBER OF COMMON SHARES                                                                                
                                                                                                                
Weighted average shares outstanding                7,923           7,923               7,780           7,780    
                                                                                                                
Incremental shares for exercise of stock                                                                        
options and warrants and common stock                                                                           
issuable                                           2,074           2,074                 280             379    
                                                                                                                
Weighted average shares issuable upon                                                                           
conversion of Debenture due 2001                                                                                
and Promissory Notes due 1997                          -               -                   -           1,243    
                                                  ------          ------              ------          ------    
                                                                                                                
Adjusted number of common shares                   9,997           9,997               8,060           9,402    
                                                  ======          ======              ======          ======    
                                                                                                                
Net earnings per common shares                    $ 0.01          $ 0.01              $ 0.11          $ 0.11    
                                                  ======          ======              ======          ======    
</TABLE>







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