LEE ENTERPRISES, INCORPORATED PART I. EXHIBIT 11 Computation of Earnings Per Common Share (In Thousands Except Per Share Amounts) Three Months Ended Six Months Ended March 31, March 31, 1995 1994 1995 1994 (Unaudited) Net income applicable to common shares $ 11,116 $ 9,564 $ 27,942 $ 22,881 Shares: Weighted average common shares outstanding 22,291 23,103 22,450 23,104 Dilutive effect of certain stock options 319 358 310 357 Average common shares outstanding as adjusted 22,610 23,461 22,760 23,461 Earnings per common share $ .49 $ .41 $ 1.23 $ .98