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 and nine months ended May 31, 2001, and May 31, 2000. Three months ended May 31, 2001: 22,422,943 x shares outstanding for 92 days 2,062,910,756 Divided by number of days in the period 92 _____________ Weighted average number of shares outstanding - basic 22,422,943 Dilutive effect of options outstanding 209,423 _____________ Weighted average number of shares outstanding - assuming dilution 22,632,366 Nine months ended May 31, 2001: 22,420,375 x shares outstanding for 133 days 2,981,909,875 22,422,943 x shares outstanding for 140 days 3,139,212,020 _____________ 6,121,121,895 Divided by the number of days in the period 273 _____________ Weighted average number of shares outstanding - basic 22,421,692 Dilutive effect of options outstanding 53,619 _____________ Weighted average number of shares outstanding - assuming dilution 22,475,311 Three months ended May 31, 2000: 22,420,375 x shares outstanding for 92 days 2,062,674,500 Divided by number of days in the period 92 _____________ Weighted average number of shares outstanding - basic 22,420,375 Dilutive effect of options outstanding --- _____________ Weighted average number of shares outstanding - assuming dilution 22,420,375 Nine months ended May 31, 2000: 22,420,375 x shares outstanding for 274 days 6,143,182,750 Divided by number of days in the period 274 _____________ Weighted average number of shares outstanding - basic 22,420,375 Dilutive effect of options outstanding 1,269 _____________ Weighted average number of shares outstanding - assuming dilution 22,421,644