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 1, May 3, May 1, May 3, 2004 2003 2004 2003 -------- -------- -------- -------- NET EARNINGS Basic net earnings $ 13,519 $ 10,541 $ 21,225 $ 16,699 Add: Interest on Convertible Securities, net of tax 1,569 516 995 - -------- -------- -------- -------- Diluted net earnings $ 15,088 $ 11,057 $ 22,220 $ 16,699 ======== ======== ======== ======== WEIGHTED AVERAGE SHARES OUTSTANDING Basic weighted average common shares outstanding 32,061 29,235 30,719 29,242 Add: Shares issuable from assumed conversion of Convertible Subordinated Debentures 4,578 1,637 1,637 - Add: Shares issuable from assumed exercise of options 415 230 412 242 -------- -------- -------- -------- Diluted weighted average shares outstanding 37,054 31,102 32,768 29,484 ======== ======== ======== ======== NET EARNINGS PER SHARE Basic $ .42 $ .36 $ .69 $ .57 ======== ======== ======== ======== Diluted $ .41 $ .36 $ .68 $ .57 ======== ======== ======== ========