LEE ENTERPRISES, INCORPORATED PART I. EXHIBIT 11 Computation of Earnings Per Common Share (In Thousands Except Per Share Amounts) Three Months Six Months Ended March 31, Ended March 31, ---------------- ---------------- 1997 1996 1997 1996 ---------------- ---------------- Income applicable to common shares: Income from continuing operations ...... $11,240 $ 9,084 $30,348 $23,776 Income from discontinued operations .... 1,000 1,721 1,000 2,969 ---------------------------------- Net income ...................... $12,240 $10,805 $31,348 $26,745 ================================== Shares: Weighted average common shares outstanding ......................... 46,567 47,026 46,768 47,202 Dilutive effect of certain stock options 840 754 849 861 ---------------------------------- Average common shares outstanding, as adjusted ........ 47,407 47,780 47,617 48,063 ================================== Earnings per share of common stock: Income from continuing operations ...... $ 0.24 $ 0.19 $ 0.64 $ 0.49 Income from discontinued operations .... 0.02 0.04 0.02 0.07 ---------------------------------- Net income ...................... $ 0.26 $ 0.23 $ 0.66 $ 0.56 ==================================