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 nine months ended May 31, 1995 and 1994. Three months ended May 31, 1995: 23,660,154 x shares outstanding for 14 days 331,242,156 23,575,659 x shares outstanding for 17 days 400,786,203 23,424,790 x shares outstanding for 12 days 281,097,480 23,310,232 x shares outstanding for 49 days 1,142,201,368 _____________ 2,155,327,207 Divided by number of days in period 92 _____________ 23,427,470 Nine months ended May 31, 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 23,660,154 x shares outstanding for 14 days 331,242,156 23,575,659 x shares outstanding for 17 days 400,786,203 23,424,790 x shares outstanding for 12 days 281,097,480 23,310,232 x shares outstanding for 49 days 1,142,201,368 _____________ 6,581,815,176 Divided by number of days in period 273 _____________ 24,109,213 Three months ended May 31, 1994: 25,813,627 x shares outstanding for 17 days 438,831,659 25,768,465 x shares outstanding for 14 days 360,758,510 25,679,895 x shares outstanding for 19 days 487,918,005 25,588,896 x shares outstanding for 14 days 358,244,544 25,543,726 x shares outstanding for 16 days 408,699,616 25,462,707 x shares outstanding for 12 days 305,552,484 _____________ 2,360,004,818 Divided by number of days in period 92 _____________ 25,652,226 Nine months ended May 31, 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 25,813,627 x shares outstanding for 17 days 438,831,659 25,768,465 x shares outstanding for 14 days 360,758,510 25,679,895 x shares outstanding for 19 days 487,918,005 25,588,896 x shares outstanding for 14 days 358,244,544 25,543,726 x shares outstanding for 16 days 408,699,616 25,462,707 x shares outstanding for 12 days 305,552,484 _____________ 7,153,709,599 Divided by number of days in period 273 _____________ 26,204,064