<PAGE>
 
                           INDIVIDUAL, INC. EXHIBIT 11
                     COMPUTATION OF WEIGHTED AVERAGE SHARES
                    USED IN COMPUTING LOSS PER SHARE AMOUNTS
                                   (UNAUDITED)

<TABLE> 
<CAPTION>
                                                                             Primary     Fully Diluted   Supplemental
Type of Security                                                              Shares         Shares      Shares (1)
-----------------------------------------------------------------          -----------    -----------    ------------
<S>                                                                        <C>            <C>            <C> 
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995:                             
   Common stock less shares held in treasury, beginning of period            1,669,289      1,669,289      1,669,289
   Cheap stock outstanding during the period (2)                               346,210        346,210        346,210
   Weighted average common stock issued during the period                        5,156          5,156          5,156
   Conversion of preferred stock and redeemable preferred stock            
      into common stock (1)                                                       --             --        7,625,210
                                                                           -----------    -----------    -----------
        Weighted average shares of common stock outstanding                  2,020,655      2,020,655      9,645,865
                                                                           ===========    ===========    ===========
        Net loss per common share                                          ($     1.02)   ($     1.02)   ($     0.17)
                                                                           ===========    ===========    ===========
                                                                           
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996:                             
   Common stock less shares held in treasury, beginning of period           14,027,581     14,027,581     14,027,581
   Weighted average common stock issued during the period                       61,064         61,064         61,064
                                                                           ===========    ===========    ===========
     Weighted average shares of common stock outstanding                    14,088,645     14,088,645     14,088,645
                                                                           ===========    ===========    ===========
     Net loss per common share                                             ($     0.31)   ($     0.31)   ($     0.31)
                                                                           ===========    ===========    ===========
<CAPTION>
                                                                            Primary     Fully Diluted    Supplemental
Type of Security                                                             Shares         Shares        Shares (1)
-------------------------------------------------------------------       -----------    -----------    -----------
<S>                                                                       <C>             <C>           <C>
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995:
   Common stock less shares held in treasury, beginning of period            1,666,002      1,666,002      1,666,002
   Cheap stock outstanding during the period (2)                               346,210        346,210        346,210
   Weighted average common stock issued during the period                        3,711          3,711          3,711
   Conversion of preferred stock and redeemable preferred stock           
      into common stock (1)                                                       --             --        7,625,210
                                                                           -----------    -----------    -----------
        Weighted average shares of common stock outstanding                  2,015,923      2,015,923      9,641,133
                                                                           ===========    ===========    ===========
        Net loss per common share                                          ($     2.90)   ($     2.90)   ($     0.49)
                                                                           ===========    ===========    ===========
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996:                             
   Common stock less shares held in treasury, beginning of period            1,713,096      1,713,096      1,713,096
   Common stock outstanding during the period                                2,781,996      2,781,996      2,781,996
   Weighted average treasury stock repurchased during the period                (1,089)        (1,089)        (1,089)
   Weighted average conversion of preferred stock and redeemable          
      preferred stock into common stock (1)                                  5,390,716      5,390,716      7,625,210
                                                                           ===========    ===========    ===========
     Weighted average shares of common stock outstanding                     9,884,719      9,884,719     12,119,213
                                                                           ===========    ===========    ===========
     Net loss per common share                                             ($     4.61)   ($     4.61)   ($     3.73)
                                                                           ===========    ===========    ===========

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(1) Upon completion of the public offering on March 20, 1996, the redeemable
preferred stock and preferred stock converted to 7,625,210 shares of common
stock. Accordingly, the supplemental earnings per share calculation has assumed
the conversion of all shares of redeemable preferred stock and preferred stock,
effected for the 3-for-2 split, at the beginning of each period presented.
(2) In accordance with the Securities and Exchange Commission, issuances of
common stock and common stock equivalents, within one year to the initial filing
of the registration statement, at share prices below the assumed initial public
offering price of $14.00 per share (cheap stock), are considered to have been
made in anticipation of the contemplated public offering. Accordingly, these
stock issuances are treated as if issued and outstanding, using the treasury
stock method, since the inception of the Company.