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                                   MEDJET INC.

                                   EXHIBIT 11

                  COMPUTATION OF NET (LOSS) PER COMMON SHARE




                                                      Year Ended December 31,
                                                        1997             1996
                                                        ----             ----

NET (LOSS) PER COMMON SHARE

      (Loss) from Operations
            applicable to Common Stock              $( 2,578,448)   $(1,273,977)

      Weighted Average Common Shares Outstanding       3,660,609      2,936,075
                                                    ------------    -----------
            Net (Loss) Per Common Share             $    (0.70)     $   (0.43)
                                                    ============    ===========

NET (LOSS) PER COMMON SHARE
       - ASSUMING DILUTION (see "NOTE")

      (Loss) from Operations                        $(2,578,448)    $(1,273,977)
                                                    ============    ===========

      Weighted Average Common Shares Outstanding      3,660,609       2,936,075
        (A)   Assuming Exercise of Stock Options         56,231          39,438
        (B)   Assuming Exercise of Warrants              39,781          45,692
                                                    ------------    -----------
      Weighted Average Common Shares
         Outstanding - as Adjusted                    3,756,621       3,021,205
                                                    ------------    -----------
Net (Loss) Per Common Share - Assuming Dilution     $     (0.69)    $     (0.42)
                                                    ============    ===========

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                                   MEDJET INC.

                                   EXHIBIT 11

            COMPUTATION OF NET (LOSS) PER COMMON SHARE, CONTINUED




NOTE:

The calculation for Net (Loss) Per Common Share - Assuming Dilution is submitted
in accordance with Securities Exchange Act of 1934 Release No. 9083 although not
required by Financial  Accounting  Standards  Board No. 128 "Earnings Per Share"
("FASB 128") since the results are anti-dilutive.

(A) - For 1997, the dilutive  options (i.e.,  the average yearly market price is
greater  than the  exercise  price)  assume  that the  87,720  shares  exercised
resulting in proceeds of $463,902 are reacquired using the treasury stock method
at the yearly  average  market price of $8.25 per share.  Thus,  $463,902/$8.25=
56,231  shares are assumed to be  reacquired  and are included as such in common
shares outstanding at the beginning of the year.

For 1996, the dilutive options (i.e., the average yearly market price is greater
than the exercise  price) assume that the 87,520 shares  exercised  resulting in
proceeds of $304,852  are  reacquired  using the  treasury  stock  method at the
yearly  average  market  price of $7.73 per share.  Thus,  $304,852/$7.73=39,438
shares are assumed to be  reacquired  and are included as such in common  shares
outstanding at the beginning of the year.

(B) - For 1997, the dilutive  warrants (i.e., the average yearly market price is
greater  than the  exercise  price)  assume  that the  97,389  shares  exercised
resulting in proceeds of $328,201 are reacquired using the treasury stock method
at the yearly  average  market price of $8.25 per share.  Thus,  $328,201/$8.25=
39,781  shares are assumed to be  reacquired  and are included as such in common
shares outstanding at the beginning of the year.

For 1996,  the  dilutive  warrants  (i.e.,  the average  yearly  market price is
greater  than the  exercise  price)  assume  that the 101,853  shares  exercised
resulting in proceeds of $353,199 are reacquired using the treasury stock method
at the yearly average market price $7.73 per  share. Thus, $353,199/$7.73=45,692
shares are assumed to be  reacquired  and are included as such in common  shares
outstanding at the beginning of the year.