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 months ended November 30, 1997 and 1996. Three months ended November 30, 1997 23,266,374 x shares outstanding for 18 days 418,794,732 23,266,921 x shares outstanding for 17 days 395,537,657 23,268,328 x shares outstanding for 9 days 209,414,952 23,270,675 x shares outstanding for 47 days 1,093,721,725 _____________ 2,117,469,066 Divided by the number of days in the period 91 _____________ 23,268,891 Three months ended November 30, 1996 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 _____________ 2,148,910,700 Divided by the number of days in the period 91 _____________ 23,614,403