<PAGE>
                                                                     EXHIBIT 11


                    STERLING VISION, INC. AND SUBSIDIARIES
               COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE
                                 (Unaudited)
                (Dollars In Thousands, Except Per Share Data)

<TABLE>
<CAPTION>
                                                             Three Months Ended                  Six Months Ended
                                                                 June 30,                            June 30,

                                                               1997       1996                  1997          1996
                                                               ----       ----                  ----          ----
<S>                                               <C>                  <C>                     <C>           <C> 
PRIMARY EARNINGS (LOSS)

  Net income      (loss)                            $(1,391)              $ (147)                $(3,086)      $   11
                                                  ========                ======                 ========      =======

  Weighted average number of common
         shares outstanding                          12,657               12,294                  12,657       12,294

  Weighted average number of common shares
         to be issued                                   903                    -                     903            -

  Incremental shares based on the treasury
         stock method for stock options, using
         the average market price                       355                   35                     355            35
                                                     -------             -------                 -------        ------

  Weighted average number of common share
         and common share equivalents
         outstanding                                 13,915               12,329                  13,915        12,329
                                                     =======             =======                  =======       =======

  Primary earnings (loss) per common share          $  (.10)             $  (.01)                $  (.22)      $   .00
                                                    ========             =======                 ========      =======

FULLY DILUTED EARNINGS (LOSS)*

  Net income (loss)                                 $(1,391)             $  (147)                $(3,086)      $    11
                                                    ========             =======                 ========      =======

  Weighted average number of common
         shares outstanding                          12,657               12,294                  12,657        12,294

  Weighted average number of common
         shares to be issued                            903                    -                     903             -

  Incremental shares based on the treasury
         stock method for stock options, using

         the average market price                       (32)                 223                     (32)          223
                                                     -------             -------                  -------       -------

  Weighted average number of common share
         and common share equivalents
         outstanding                                 13,528               12,517                  13,528        12,517
                                                     =======             =======                  =======       =======

  Fully diluted earnings (loss) per
       common share                                 $  (.10)             $  (.01)                 $ (.22)       $  .00
                                                    ========             =======                  =======       =======
</TABLE>

* This calculation is submitted in accordance with Securities Exchange Act of
1934, Release No.9083, although not required by Footnote 2 to Paragraph 14 of
APB Opinion No. 15 because it results in dilution of less than 3% or is
anti-dilutive.