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, 1996 and May 31, 1995. Three months ended May 31, 1996: 23,693,381 x shares outstanding for 31 days 734,494,811 23,925,105 x shares outstanding for 30 days 717,753,150 24,043,597 x shares outstanding for 31 days 745,351,507 _____________ 2,197,599,468 Divided by number of days in the period 92 _____________ 23,886,951 Nine months ended May 31, 1996: 23,313,132 x shares outstanding for 21 day 489,575,772 23,315,089 x shares outstanding for 21 days 489,616,869 23,320,721 x shares outstanding for 18 days 419,772,978 23,331,311 x shares outstanding for 8 days 186,650,488 23,334,503 x shares outstanding for 23 days 536,693,569 23,340,118 x shares outstanding for 11 days 256,741,298 23,345,163 x shares outstanding for 21 days 490,248,423 23,398,704 x shares outstanding for 30 days 701,961,120 23,529,859 x shares outstanding for 13 days 305,888,167 23,590,511 x shares outstanding for 16 days 377,448,176 23,693,381 x shares outstanding for 31 days 734,494,811 23,925,105 x shares outstanding for 30 days 717,753,150 24,043,597 x shares outstanding for 31 days 745,351,507 _____________ 6,452,196,328 Divided by number of days in the period 274 _____________ 23,548,162 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 the 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 the period 273 _____________ 24,109,213