Exhibit 11

HemaCare Corporation
Basic and Diluted Net Income (Loss) per Share

|                                                                                                |                   | Years ended December 31, |          
|----------------------------------------------------------------------------------------------- | ----------------- | ------------------------ | ---------
|
|BASIC                                                                                           |                   |                          |          
|Weighted average common shares used to compute basic earnings per share                         |                   |                          | 7,831,000
|                                                                                                |                   |                          |          
|                                                                                                | Net income (loss) |                          | $        
|                                                                                                |                   |                          |          
|Basic net income (loss) per share                                                               |                   | $                        | 0.20     
|                                                                                                |                   |                          |          
|DILUTED                                                                                         |                   |                          |          
|Weighted average common shares used to compute basic earnings per share                         |                   |                          | 7,831,000
|Dilutive common equivalent shares attributable to stock options (based on average market price) |                   |                          | 320,000  
|Dilutive common equivalent shares attributable to warrants (based on average market price)      |                   |                          | 86,000   
|                                                                                                |                   |                          |          
|Weighted average common shares and equivalents used to compute diluted earnings per share       |                   |                          | 8,237,000
|                                                                                                |                   |                          |          
|                                                                                                | Net income (loss) |                          | $        
|                                                                                                |                   |                          |          
|Diluted net income (loss) per share                                                             |                   | $                        | 0.19     
|                                                                                                |                   |                          |          

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