EXHIBIT 11 SPARTECH CORPORATION AND SUBSIDIARIES STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (In thousands, except per share amounts) THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED July 29, July 30, July 29, July 30, 1995 1994 1995 1994 NET EARNINGS Net Earnings $ 3,820 $ 3,075 $ 10,895 $ 7,974 Preferred stock dividend requirements - (548) (1,098) (1,585) 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 - 43 - 124 Primary net earnings applicable to common shares 3,820 2,570 9,797 6,513 Add: Preferred stock dividend elimination resulting from the assumed conversion of preferred stock - 548 1,098 1,585 Fully diluted net earnings applicable to common shares $ 3,820 $ 3,118 $ 10,895 $ 8,098 WEIGHTED AVERAGE SHARES OUTSTANDING Weighted average common shares outstanding 23,137 8,296 13,518 8,140 Add: Shares issuable from assumed exercise of options and warrants in excess of 20% limitation 998 1,093 862 1,048 Primary weighted average shares outstanding 24,135 9,389 14,380 9,188 Add: Shares issuable from assumed conversion of preferred stock - 14,275 9,516 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 - - 149 - Fully diluted weighted average shares outstanding 24,135 23,664 24,045 23,463 NET EARNINGS PER SHARE Primary $ .16 $ .28 $ .68 $ .70 Fully Diluted $ .16 $ .13 $ .45 $ .34