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, Inc. for the three and six months ended February 28, 1999 and 1998. Three months ended February 28, 1999: 22,626,065 x shares outstanding for 31 days 701,408,015 22,420,375 x shares outstanding for 59 days 1,322,802,125 _____________ 2,024,210,140 Divided by number of days in the period 90 _____________ 22,491,224 Six months ended February 28, 1999: 23,270,675 x shares outstanding for 52 days 1,210,075,100 23,163,097 x shares outstanding for 9 days 208,467,873 22,870,798 x shares outstanding for 30 days 686,123,940 22,626,065 x shares outstanding for 31 days 701,408,015 22,420,375 x shares outstanding for 59 days 1,322,802,125 _____________ 4,128,877,053 Divided by number of days in the period 181 _____________ 22,811,475 Three months ended February 28, 1998: 23,270,675 x shares outstanding for 90 days 2,094,360,750 Divided by number of days in the period 90 _____________ 23,270,675 Six months ended February 28, 1998: 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 137 days 3,188,082,475 _____________ 4,211,829,816 Divided by number of days in the period 181 _____________ 23,269,778