EXHIBIT 11 Statement Re Computation of Per Share Earnings SPARTECH CORPORATION AND SUBSIDIARIES COMPUTATION OF NET EARNINGS PER COMMON SHARE (In thousands, except per share amounts) Fiscal Year Ended Oct. 29, Oct. 30, Oct. 31, 1994 1993 1992 NET EARNINGS Net earnings $ 10,835 $ 6,716 $ 4,220 Preferred stock accretion/requirements (2,133) (2,015) (1,194) Add: Interest savings, net of tax effect, on retirement of debt from the assumed proceeds received from the exercise of options and warrants in excess of 20% limitation 74 300 462 Primary net earnings applicable to common shares and equivalents 8,776 5,001 3,488 Add: Preferred stock dividend accretion reduction resulting from the assumed conversion of the preferred stock 2,133 2,015 978 Deduct: Anti-dilutive effect of interest savings, net of tax effect, on retirement of debt from the assumed proceeds received from the exercise of options and warrants in excess of 20% limitation - - (462) Deduct: Interest savings not realized on retirement of debt from the assumed proceeds received from the exercise of options and warrants in excess of 20% limitation due to the higher repurchase price used under the fully diluted computation (74) - - Fully diluted net earnings applicable to common shares $ 10,835 $ 7,016 $ 4,004 Fiscal Year Ended Oct. 29, Oct. 30, Oct. 31, 1994 1993 1992 WEIGHTED AVERAGE SHARES OUTSTANDING Weighted average common shares outstanding 8,239 7,777 7,025 Add: Shares issuable from assumed exercise of options and warrants in excess of 20% limitation 746 1,386 1,284 Primary weighted average common shares outstanding 8,985 9,163 8,309 Add: Shares issuable from assumed conversion of preferred stock 14,275 14,275 11,961 Add: Additional shares issuable from assumed exercise of options and warrants in excess of 20% limitation due to the difference in the share repurchase price under the fully diluted computation 174 - - Deduct: Anti-dilutive effect of shares issuable from assumed exercise of options and warrants in excess of 20% limitation - - (1,284) Fully diluted weighted average common shares outstanding 23,434 23,438 18,986 NET EARNINGS PER COMMON SHARE Primary $ .97 $ .54 $ .42 Fully Diluted $ .46 $ .30 $ .21