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, 1997 and 1996. Three months ended May 31, 1997: 23,410,574 x shares outstanding for 31 days 725,727,794 23,406,574 x shares outstanding for 30 days 702,197,220 23,280,909 x shares outstanding for 31 days 721,708,179 ______________ 2,149,633,193 Divided by number of days in the period 92 ______________ 23,365,578 Nine months ended May 31, 1997: 23,892,819 x shares outstanding for 30 days 716,784,570 23,666,720 x shares outstanding for 31 days 733,668,320 23,281,927 x shares outstanding for 30 days 698,457,810 23,329,990 x shares outstanding for 31 days 723,229,690 23,404,092 x shares outstanding for 31 days 725,526,852 23,409,028 x shares outstanding for 28 days 655,452,784 23,410,574 x shares outstanding for 31 days 725,727,794 23,406,574 x shares outstanding for 30 days 702,197,220 23,280,909 x shares outstanding for 31 days 721,708,179 ______________ 6,402,753,219 Divided by number of days in the period 273 ______________ 23,453,308 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 days 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