EXHIBIT 11

                            ARTRA GROUP INCORPORATED
                    COMPUTATION OF EARNINGS (LOSS) PER SHARE
                      AND EQUIVALENT SHARE OF COMMON STOCK
                      (In thousands, except per share data)

<TABLE>
<CAPTION>

                                                                                           Fiscal Year
                                                                                ---------------------------------  
Line                                                                              1996       1995       1994 
                                                                               --------    --------   -------- 
 AVERAGE SHARES OUTSTANDING

<S><C>   <C>                                                                    <C>        <C>        <C>
    1    Weighted average number of shares of common stock
            outstanding during the period                                         7,525       6,776      5,702      
    2    Net additional shares assuming stock options and warrants
           exercised and proceeds used to purchase treasury shares                  414          -          -         
                                                                               ---------   ---------   --------
    3    Weighted average number of shares and equivalent shares
           of common stock outstanding during the period                          7,939       6,776      5,702  
                                                                               =========   =========   ========


 EARNINGS (LOSS)

    4    Earnings (loss) from continuing operations                             $ 3,549    ($16,943)  ($13,529)
    5    Less dividends applicable to redeemable preferred stock                   (621)       (565)      (516)
    6    Less redeemable common stock accretion                                    (390)       (767)      (309)
                                                                               =========   =========   ========
    7    Amount for per share computation                                       $ 2,538    ($18,275)  ($14,354)    
                                                                               =========   =========   ========

    8    Earnings (loss) before extraordinary credit                            $ 3,549     (16,933)  ($29,435)  
    9    Less dividends applicable to redeemable preferred stock                   (621)       (565)      (516)  
   10    Less redeemable common stock accretion                                    (390)       (767)      (309)  
                                                                               =========   =========   ========
   11    Amount for per share computation                                       $ 2,538    ($18,265)  ($30,260)    
                                                                               =========   =========   ========

   12    Net earnings (loss)                                                    $12,973     ($2,903)  ($20,470)
   13    Less dividends applicable to redeemable preferred stock                   (621)       (565)      (516)
   14    Less redeemable common stock accretion                                    (390)       (767)      (309)
                                                                               ---------   ---------   --------
   15    Amount for per share computation                                       $11,962     ($4,235)  ($21,295) 
                                                                               =========   =========   ========


 PER SHARE AMOUNTS

         Earnings (loss) from continuing operations
           (line 7 / line 3)                                                      $ .28      ($2.69)    ($2.56) 
                                                                               =========   =========   ========

         Earnings (loss) before extraordinary credit
           (line 11 / line 3)                                                     $ .28      ($2.69)    ($5.30) 
                                                                               =========   =========   ========

         Net earnings (loss)
           (line 15 / line 3)                                                     $1.51      ($0.63)    ($3.73)           
                                                                               =========   =========   ========

</TABLE>


Earnings  (loss) per share is computed by dividing  net  earnings  (loss),  less
redeemable  preferred stock ock dividends and redeemable common stock accretion,
by the weighted  average  number of shares of common stock tock and common stock
equivalents  (redeemable  common  stock,  stock  options and  warrants),  unless
anti-dilutive,  outstanding during the period. Fully diluted earnings (loss) per
share are not  presented  since the result is s equivalent  to primary  earnings
(loss) per share.