EXHIBIT 11 SPARTECH CORPORATION AND SUBSIDIARIES STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (IN THOUSANDS, EXCEPT PER SHARE DATA) QUARTER ENDED SIX MONTHS ENDED MAY 5, APRIL 29, MAY 5, AP RIL 29, 2001 2000 2001 2000 -------- ------- -------- -------- NET EARNINGS Basic net earnings $ 10,123 $ 13,781 $ 18,678 $ 24,948 Add: Distributions on Preferred Securities, net of tax 1,584 1,329 2,086 1,817 --------- -------- ------- ------- Diluted net earnings 11,707 15,110 20,764 26,765 ========= ======== ======= ======= WEIGHTED AVERAGE SHARES OUTSTANDING Basic weighted average common shares outstanding 26,652 27,350 26,663 27,324 Add: Shares issuable from assumed conversion of Preferred Stock 4,578 3,964 3,107 2,784 Add: Shares issuable from assumed exercise of options 363 1,000 345 1,049 -------- -------- -------- -------- Diluted weighted average shares outstanding 31,592 32,314 30,116 31,157 ======== ======== ======== ======== NET EARNINGS PER SHARE Basic $ .38 $ .50 $ .70 $ .91 ======== ======== ======== ======== Diluted $ .37 $ .47 $ .69 $ .86 ======== ======== ======== ========