<PAGE>
 
Exhibit 11

ALLIN CORPORATION

CALCULATION OF NET LOSS PER COMMON SHARE

                              (Dollars in thousands, except per share data)

<TABLE> 
<CAPTION> 
                                                                     Year                 Year                 Year
                                                                    Ended                 Ended                Ended
                                                                 December 31,         December 31,         December 31,
                                                                     1996                 1997                 1998
                                                                 ------------         ------------         ------------
<S>                                                              <C>                  <C>                  <C> 
Loss from continuing operations                                  $    (8,186)         $   (10,541)         $   (7,448)
                                                                                                            
(Gain) loss from discontinued operations                                 161                  162              (1,657)
                                                                 ------------          -----------          ----------
                                                                                                            
Net loss                                                              (8,347)             (10,703)             (5,791)
                                                                                                            
Accretion and dividends on preferred stock                               106                  232                 779
                                                                 ------------          -----------          ----------
                                                                                                            
Net loss attributable to common shareholders                          (8,453)         $   (10,935)         $   (6,570)
                                                                 ============          ===========          ==========
                                                                                                            
Loss per common share from continuing                                                                       
                  operations - basic and diluted                       (2.89)         $     (2.04)         $    (1.36)
                                                                 ============          ===========          ==========
                                                                                                            
Income (loss) per common share from                                                                         
                  discontinued operations - basic and diluted          (0.06)         $     (0.03)         $     0.30
                                                                 ============          ===========          ==========
                                                                                                            
Net loss per common share - basic and diluted                          (2.98)         $     (2.12)         $    (1.20)
                                                                 ============          ===========          ==========
                                                                                                            
Weighted average common shares outstanding                                                                  
                  during the period (1)                            2,839,010            5,183,617           5,491,847
                                                                                                            
Effect of common stock equivalents                                   ---                   ---                 ---
                                                                                                            
Effect of restricted stock                                            (4,445)             (26,218)            (24,868)
                                                                 ------------          -----------          ----------
                                                                                                            
Shares used in calculating net loss per common share               2,834,565            5,157,399           5,466,979
                                                                 ============          ===========          ==========
</TABLE> 
(1)    The  weighted  average  common  shares  outstanding  has  been
       retroactively restated for the effect of the 2,400 for 1 stock
       split in October 1996.