Exhibit 11

                 SEROLOGICALS CORPORATION AND SUBSIDIARIES
            STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS (1)
                  (in thousands, except per share data)

<TABLE>
<CAPTION>

                              Nine Months Ended       Three Months Ended
                              -----------------       ------------------
                             Sept. 29,   Sept. 28,   Sept. 29,   Sept. 28,
                                1996        1997        1996       1997
                              --------    --------    --------   --------
                                <C>         <C>         <C>         <C>
<S>
NET INCOME PER SHARE-PRIMARY:
 Weighted average number of 
  common shares outstanding     13,259     14,560     14,106     14,929

 Shares issued upon assumed 
  exercise of outstanding stock
  options and warrants             813        819        910        878

 Shares issued upon assumed 
  conversion of $4.0 million
  convertible note                  --        160        --         213

 Shares issued upon assumed 
  conversion of $2.55 million
  convertible note                 --           2        --           7
                                ------     ------    ------     -------
 Weighted average number of 
  common and common equivalent 
  shares outstanding            14,072     15,541    15,016      16,027
                                ======     ======    ======     =======

 Net income                    $ 5,968    $ 8,725  $ 2,208      $ 3,227

 Add back interest, net of tax, 
  assuming conversion of $4.0
  million convertible note          --          66        --         29

 Add back interest, net of tax, 
  assuming conversion of $2.55
  million convertible note          --           1        --          1
                                ------      ------     -----     ------
 Net income, assuming conversion 
  of notes                       5,968       8,792     2,208      3,257
                                ======      ======    ======     ======
 Net income per common 
  share-primary                $  0.42     $  0.57   $  0.15   $   0.20

NET INCOME PER SHARE-FULLY 
DILUTED
 Weighted average number of 
 common shares outstanding      13,259      14,560    14,106     14,929

 Shares issued upon assumed 
 exercise of outstanding stock
 options and warrants              813         819       910        878

 Shares issued upon assumed 
 conversion of $4.0 million
 convertible note                    --        160        --        213

<PAGE>

 Shares issued upon assumed 
 conversion of $2.55 million
 convertible note                    --          2        --         7

 Shares issued upon assumed 
 conversion of $3.5 million
 convertible note                   375         --       375        --
                                  -----     ------    ------    ------
 Weighted average number of 
 fully diluted shares 
 outstanding                     14,447     15,541    15,391    16,027
                                 ======     ======    ======    ======

 Net income                     $ 5,968    $ 8,725   $ 2,208   $ 3,227

 Add back interest, net of tax, 
 assuming conversion of 
 $4.0 million convertible note       --         66        --        29

 Add back interest, net of tax, 
 assuming conversion of 
 $2.55 million convertible note      --          1        --        1

 Add back interest, net of tax, 
 assuming conversion of 
 $3.5 million convertible note      151        --         --       --
                                  ------    ------     -----    -----
 Net income, assuming 
 conversion of notes            $  6,119  $  8,792  $  2,208  $  3,257
                                  ======   =======   =======   ======
Net income per common 
share-fully diluted             $  0.42   $  0.57  $  0.14  $    0.20
                                  ======   =======   =======   ======
</TABLE>

(1)  All information herein gives retroactive effect to a 3-for-2 stock split
effected February 28, 1997.