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 Cafeterias, Inc. for the three and six months ended February 28, 1995 and 1994. Three months ended February 28, 1995: 24,383,698 x shares outstanding for 14 days 341,371,772 24,270,808 x shares outstanding for 20 days 485,416,160 24,189,103 x shares outstanding for 28 days 677,294,884 23,851,100 x shares outstanding for 28 days 667,830,800 ______________ 2,171,913,616 Divided by number of days during the period 90 _____________ 24,132,374 Six months ended February 28, 1995: 25,074,982 x shares outstanding for 18 days 451,349,676 24,941,910 x shares outstanding for 12 days 299,302,920 24,934,917 x shares outstanding for 16 days 398,958,672 24,713,278 x shares outstanding for 15 days 370,699,170 24,520,641 x shares outstanding for 17 days 416,850,897 24,416,386 x shares outstanding for 13 days 317,413,018 24,383,698 x shares outstanding for 14 days 341,371,772 24,270,808 x shares outstanding for 20 days 485,416,160 24,189,103 x shares outstanding for 28 days 677,294,884 23,851,100 x shares outstanding for 28 days 667,830,800 ______________ 4,426,487,969 Divided by number of days during the period 181 ______________ 24,455,735 Three months ended February 28, 1994: 26,388,690 x shares outstanding for 2 days 52,777,380 26,389,190 x shares outstanding for 10 days 263,891,900 26,314,582 x shares outstanding for 19 days 499,977,058 26,077,694 x shares outstanding for 16 days 417,243,104 26,066,151 x shares outstanding for 15 days 390,992,265 26,054,664 x shares outstanding for 14 days 364,765,296 25,907,814 x shares outstanding for 14 days 362,709,396 ______________ 2,352,356,399 Divided by number of days during the period 90 ______________ 26,137,293 Six months ended February 28, 1994: 27,227,108 x shares outstanding for 1 day 27,227,108 27,214,570 x shares outstanding for 15 days 408,218,550 27,145,448 x shares outstanding for 14 days 380,036,272 27,022,276 x shares outstanding for 12 days 324,267,312 26,820,618 x shares outstanding for 19 days 509,591,742 26,420,208 x shares outstanding for 11 days 290,622,288 26,388,690 x shares outstanding for 21 days 554,162,490 26,389,190 x shares outstanding for 10 days 263,891,900 26,314,582 x shares outstanding for 19 days 499,977,058 26,077,694 x shares outstanding for 16 days 417,243,104 26,066,151 x shares outstanding for 15 days 390,992,265 26,054,664 x shares outstanding for 14 days 364,765,296 25,907,814 x shares outstanding for 14 days 362,709,396 ______________ 4,793,704,781 Divided by number of days during the period 181 ______________ 26,484,557