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Exhibit 11
PENWEST, LTD. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Quarter Ended Six Months Ended
February 28 February 28
1995 1994 1995 1994
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PRIMARY:
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Net income $2,153,000 $863,000 $3,910,000 $2,624,000
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Weighted average number of
shares outstanding 6,682,942 6,829,325 6,738,142 6,833,492
Net effect of dilutive stock options 343,033 270,675 346,396 270,422
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Adjusted shares outstanding 7,025,975 7,100,000 7,084,538 7,103,914
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Earnings per share $0.31 $0.12 $0.55 $0.37
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FULLY DILUTED:
- - --------------
Net income $2,153,000 $863,000 $3,910,000 $2,624,000
========== ======== ========== ==========
Weighted average number of
shares outstanding 6,682,942 6,829,325 6,738,142 6,833,491
Net effect of dilutive stock options 327,712 284,002 363,682 291,079
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Adjusted shares outstanding 7,010,654 7,113,327 7,101,824 7,124,570
========= ========= ========= =========
Earnings per share $0.31 $0.12 $0.55 $0.37
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