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, 1996 1995 1996 1995 (Unaudited) Net income applicable to common shares $ 10,805 $ 11,116 $ 26,745 $ 27,942 Shares: Weighted average common shares outstanding 47,026 44,582 47,202 44,900 Dilutive effect of certain stock options 754 638 861 620 Average common shares outstanding as adjusted 47,780 45,220 48,063 45,520 Earnings per common share $ .23 $ .25 $ .56 $ .61