Exhibit 11 COMPUTATION OF PER SHARE EARNINGS The following is a computation of the weighted average number of shares outstanding which is used in the computation of per share earnings for Luby's, Inc. for the three months ended November 30, 1999 and 1998. Three months ended November 30, 1999 22,420,375 x shares outstanding for 91 days 2,040,254,125 Divided by the number of days in the period 91 _____________ 22,420,375 Three months ended November 30, 1998 23,270,675 x shares outstanding for 52 days 1,210,075,100 23,163,097 x shares outstanding for 9 days 208,467,873 22,870,798 x shares outstanding for 30 days 686,123,940 ______________ 2,104,666,913 Divided by the number of days in the period 91 ______________ 23,128,208