EXHIBIT 11


                                  SPARTECH CORPORATION AND SUBSIDIARIES
                             STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                                (In thousands, except per share amounts)



 
                                                                                 
           
                                                                                         THIRTEEN WEEKS ENDED           
                                                                                       January 28,  January 29,
                                                                                           1995         1994   
                                                                                                   
NET EARNINGS
  Net Earnings                                                                            $  3,125     $  2,103   
  Preferred stock accretion                                                                   (549)        (518)  

  Add:  Interest savings, net of tax effect, on retirement 
          of debt from the proceeds received from the exercise
          of options and warrants in excess of 20% limitation                                    6           70    

Primary net earnings applicable to common shares                                             2,582        1,655   

  Add:  Preferred stock accretion elimination resulting from
          the assumed conversion of preferred stock                                            549          518
                                                                                         
Fully diluted net earnings applicable to common shares                                    $  3,131     $  2,173    

WEIGHTED AVERAGE SHARES OUTSTANDING
  Weighted average common shares outstanding                                                 8,681        7,906    
  Add:  Shares issuable from assumed exercise of options and warrants
          in excess of 20% limitation                                                          848        1,408   
  
Primary weighted average shares outstanding                                                  9,529        9,314   

  Add:  Shares issuable from assumed conversion of preferred stock                          14,275       14,275   

Fully diluted weighted average shares outstanding                                           23,804       23,589   

NET EARNINGS PER SHARE
  Primary                                                                                 $    .27     $    .17   

  Fully Diluted                                                                           $    .13     $    .09