<PAGE>
 
                                                                      EXHIBIT 11

                                 EQUIMED, INC.

             STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE

<TABLE>
<CAPTION>
                                                                                     Year Ended December 31,
                                                                        1994                  1995                 1996
                                                                        ----                  ----                 ----
     <S>                                                                <C>                   <C>                  <C> 
                                                                                          
     Primary:                                                                             
       Weighted average common shares outstanding                                                           27,570,000
       Net effect of dilutive stock options and warrants -                                                        
         based on the treasury stock method                                                                      7,000
                                                                                                                 ------
       Weighted average common share and equivalents                                      
         outstanding                                                                                        27,577,000
                                                                                                            ===========
                                                                                          
     Net loss                                                                                             $(31,346,000)
                                                                                                          =============
                                                                                          
     Net loss per share                                                                                      $   (1.14)
                                                                                                                 ====== 
                                                                                          
     Fully Diluted:                                                                       
       Weighted average common shares outstanding                                                           27,570,000
       Net effect of dilutive stock options and warrants -                                                         
         based on the treasury stock method                                                                      7,000
                                                                                                                 ------
       Weighted average common share and equivalents                                      
         outstanding                                                                                        27,577,000
                                                                                                            ===========
                                                                                          
     Net loss                                                                                             $(31,346,000)
                                                                                                          =============
                                                                                          
     Net loss per share                                                                                      $   (1.14)
                                                                                                                 ======
                                                                                          
     Pro forma weighted average common shares                                             
       outstanding                                                20,784,000            20,784,000        
     Pro forma net effect of dilutive stock         
       options and warrants -                       
       based on the treasury stock method                             -                     -
                                                                  ----------            ----------
     Pro forma weighted average common share                                 
       and equivalents outstanding                                20,784,000            20,784,000
                                                                  ==========            ==========
                                                                             
     Pro forma net income                                         $5,233,000            $6,807,000
                                                                   =========             =========
                                                                             
     Pro forma net income per share                                $    0.25             $    0.33
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