<PAGE>
 
                            TOMORROW'S MORNING, INC.
                        (A Development Stage Enterprise)

                        COMPUTATION OF EARNINGS PER SHARE

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<CAPTION>

                                                                                           Three Months Ended      Six Months Ended
                                                                                            December 31, 1996      December 31, 1996
                                                                                            -----------------      -----------------

                                                                           
<S>                                                                                        <C>                     <C>         
Net Loss ............................................................................          $  (311,908)          $  (597,192)
                                                                                                                   
Basis for computation  of primary  earnings  per  common and common  equivalent                                   
share:                                                                                                             
                                                                                                                   
   Weighted average number of shares                                                                               
   outstanding during period ........................................................            1,026,494             1,026,494
                                                                                                                   
   Weighted average (incremental) common share equivalent after considering the                                   
   effects of options and warrants outstanding during the periods ended December                                   
   31, 1996 and after assumed repurchase of treasury shares as required by                                   
   Securities Exchange Commission Staff Accounting Bulletin No. 83 ..................              172,695               172,695
                                                                                               -----------           -----------
                                                                                                                   
     Total weighted average number of shares ........................................            1,199,189             1,199,689
                                                                                               ===========           ===========
                                                                                                                   
      Loss per share ................................................................               $ (.26)               $ (.50)
                                                                                                    =======               =======
                                                                                                            
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                                   EXHIBIT 11


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