Exhibit 11 SPARTECH CORPORATION AND SUBSIDIARIES COMPUTATION OF NET EARNINGS PER COMMON SHARE (In thousands, except per share amounts) Fiscal Year Ended Oct. 28, Oct. 29, Oct. 30, 1995 1994 1993 NET EARNINGS Net earnings $ 14,534 $ 10,835 $ 6,716 Preferred stock accretion/requirements (1,098) (2,133) (2,015) 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 for 1994 and 1993) - 74 300 Primary net earnings applicable to common shares and equivalents 13,436 8,776 5,001 Add: Preferred stock dividend accretion reduction resulting from the assumed conversion of the preferred stock 1,098 2,133 2,015 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 for 1994 and 1993) due to the higher repurchase price used under the fully diluted computation - (74) - Fully diluted net earnings applicable to common shares $ 14,534 $ 10,835 $ 7,016 WEIGHTED AVERAGE SHARES OUTSTANDING Weighted average common shares outstanding 15,956 8,239 7,777 Add: Shares issuable from assumed exercise of options and warrants (in excess of 20% limitation for 1994 and 1993) 902 746 1,386 Primary weighted average common shares outstanding 16,858 8,985 9,163 Add: Shares issuable from assumed conversion of preferred stock 7,137 14,275 14,275 Add: Additional shares issuable from assumed exercise of options and warrants (in excess of 20% limitation for 1994 and 1993) due to the difference in the share repurchase price under the fully diluted computation 116 174 - Fully diluted weighted average common shares outstanding 24,111 23,434 23,438 NET EARNINGS PER COMMON SHARE Primary $ .80 $ .97 $ .54 Fully Diluted $ .60 $ .46 $ .30 NOTE: Prior to May 1, 1995, Primary and Fully Diluted Net Earnings Per Common Share was computed using the Modified Treasury Stock Method. Due to the 1995 conversion of the Company's Preferred Stockholders, the Treasury Stock Method was used to compute Primary and Fully Diluted Net Earnings Per Common Share for fiscal 1995.