EXHIBIT 11 SPARTECH CORPORATION AND SUBSIDIARIES STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (In thousands, except per share amounts) THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED April 29, April 30, April 29, April 30, 1995 1994 1995 1994 NET EARNINGS Net Earnings $ 3,950 $ 2,796 $ 7,075 $ 4,899 Preferred stock dividend requirements (549) (518) (1,098) (1,036) 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 - 35 - 91 Primary net earnings applicable to common shares 3,401 2,313 5,977 3,954 Add: Preferred stock dividend elimination resulting from the assumed conversion of preferred stock 549 518 1,098 1,036 Fully diluted net earnings applicable to common shares $ 3,950 $ 2,831 $ 7,075 $ 4,990 WEIGHTED AVERAGE SHARES OUTSTANDING Weighted average common shares outstanding 8,734 8,217 8,708 7,978 Add: Shares issuable from assumed exercise of options and warrants in excess of 20% limitation 832 1,190 770 1,141 Primary weighted average shares outstanding 9,566 9,407 9,478 9,119 Add: Shares issuable from assumed conversion of preferred stock 14,275 14,275 14,275 14,275 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 178 - 233 - Fully diluted weighted average shares outstanding 24,019 23,682 23,986 23,394 NET EARNINGS PER SHARE Primary $ .36 $ .25 $ .63 $ .42 Fully Diluted $ .16 $ .12 $ .29 $ .21