LEE ENTERPRISES, INCORPORATED PART I. EXHIBIT 11 Computation of Earnings Per Common Share (In Thousands Except Per Share Amounts) Three Months Ended December 31, ------------------- 1997 1996 - ----------------------------------------------------------------------------- Numerator, net income applicable to common shares $ 16,584 $ 19,108 ------------------- Denominator: Basic - weighted average shares outstanding ... 45,316 46,869 Dilutive effect of employee stock options ..... 709 886 ------------------- Diluted outstanding shares .................... 46,025 47,755 =================== Basic earnings per share ......................... $ 0.37 $ 0.41 Diluted earnings per share ....................... 0.36 0.40