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 twelve months ended August 31, 1997 and 1996. Three months ended August 31, 1997: 23,266,374 x shares outstanding for 92 days 2,140,506,408 Divided by number of days in the period 92 _____________ 23,266,374 Twelve months ended August 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 23,266,374 x shares outstanding for 92 days 2,140,506,408 _____________ 8,543,259,627 Divided by number of days in the period 365 _____________ 23,406,191 Three months ended August 31, 1996: 24,125,505 x shares outstanding for 30 days 723,765,150 24,125,419 x shares outstanding for 31 days 747,887,989 24,072,780 x shares outstanding for 31 days 746,256,180 ______________ 2,217,909,319 Divided by number of days in the period 92 ______________ 24,107,710 Twelve months ended August 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 22,398,704 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 24,125,505 x shares outstanding for 30 days 723,765,150 24,125,419 x shares outstanding for 31 days 747,887,989 24,072,780 x shares outstanding for 31 days 746,256,180 _______________ 8,670,105,647 Divided by number of days in the period 366 ______________ 23,688,813