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Exhibit 11

VERAMARK TECHNOLOGIES, INC.
Calculations of Earnings (Loss) Per Share

|                                                                                                    |  |                    |           |                   |  |      |           |      |  |   |            |   |  |   |            |  
|--------------------------------------------------------------------------------------------------- |  | ------------------ | --------- | ----------------- |  | ---- | --------- | ---- |  | - | ---------- | - |  | - | ---------- | -
|                                                                                                    |  | Three Months Ended |           | Nine Months Ended
|                                                                                                    |  | September 30,      |           | September 30,    
|                                                                                                    |  |                    |           |                  
|                                                                                                    |  | 2001               |           | 2000              |  | 2001 |           | 2000
|                                                                                                    |  |                    |           |                   |  |      |           |     
|Basic                                                                                               |  |                    |           |                   |  |      |           |      |  |   |            |   |  |   |            |  
|Net Loss                                                                                            |  | $                  | (443,218  | )                 |  | $    | (222,050  | )    |  | $ | (1,317,392 | ) |  | $ | (6,374,603 | )
|                                                                                                    |  |                    |           |                   |  |      |           |      |  |   |            |   |  |   |            |  
|Weighted Average Common Shares Outstanding                                                          |  |                    | 8,293,966 |                   |  |      | 8,098,932 |      |  |   | 8,224,313  |   |  |   | 8,068,003  |  
|                                                                                                    |  |                    |           |                   |  |      |           |      |  |   |            |   |  |   |            |  
|Loss Per Common Share                                                                               |  | $                  | (0.05     | )                 |  | $    | (0.03     | )    |  | $ | (0.16      | ) |  | $ | (0.79      | )
|                                                                                                    |  |                    |           |                   |  |      |           |      |  |   |            |   |  |   |            |  
|Diluted                                                                                             |  |                    |           |                   |  |      |           |      |  |   |            |   |  |   |            |  
|Net Loss                                                                                            |  | $                  | (443,218  | )                 |  | $    | (222,050  | )    |  | $ | (1,317,392 | ) |  | $ | (6,374,603 | )
|                                                                                                    |  |                    |           |                   |  |      |           |      |  |   |            |   |  |   |            |  
|Weighted Average Common Shares Outstanding                                                          |  |                    | 8,293,966 |                   |  |      | 8,098,932 |      |  |   | 8,224,313  |   |  |   | 8,068,003  |  
|Additional Dilutive Effect of Stock Options and
Warrants after Application of Treasury Stock Method |  |                    |          |                   |  |      |          |      |  |   |           |   |  |   |           |  
|                                                                                                    |  |                    |           |                   |  |      |           |      |  |   |            |   |  |   |            |  
|Weighted Average Common Shares Outstanding                                                          |  |                    | 8,293,966 |                   |  |      | 8,098,932 |      |  |   | 8,224,313  |   |  |   | 8,068,003  |  
|                                                                                                    |  |                    |           |                   |  |      |           |      |  |   |            |   |  |   |            |  
|Loss per Common Share
and Common Equivalent Share                                                   |  | $                  | (0.05     | )                 |  | $    | (0.03     | )    |  | $ | (0.16      | ) |  | $ | (0.79      | )
|                                                                                                    |  |                    |           |                   |  |      |           |      |  |   |            |   |  |   |            |  

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