1 Exhibit 11 PENWEST, LTD. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE (Unaudited) Quarter Ended Nine Months Ended May 31 May 31 ------ ------ 1995 1994 1995 1994 ---- ---- ---- ---- PRIMARY: - -------- Net income $2,000,000 $1,774,000 $5,910,000 $4,398,000 ========== ========== ========== ========== Weighted average number of shares outstanding 6,748,542 6,796,525 6,767,475 6,821,169 Net effect of dilutive stock options 209,015 283,829 289,970 274,638 ---------- ---------- ---------- ---------- Adjusted shares outstanding 6,957,557 7,080,354 7,057,445 7,095,807 ========== ========== ========== ========== Earnings per share $0.29 $0.25 $0.84 $0.62 ===== ===== ===== =====