1 Exhibit 11 PENWEST, LTD. AND SUBSIDIARIES COMPUTATION OF PER-SHARE EARNINGS Year Ended August 31 1995 1994 1993 -------------------------------------------------- PRIMARY: - -------- Net income $7,217,000 $6,120,000 $6,315,000 ========== ========== ========== Weighted average number of shares outstanding 6,745,566 6,828,400 6,932,860 Net effect of diluted stock options 273,404 282,553 242,995 ---------- ---------- ---------- Weighted average common shares and equivalents outstanding 7,018,970 7,110,953 7,175,855 ========== ========== ========== Earnings per share: $1.03 $0.86 $0.88 ===== ===== ===== FULLY DILUTED: Net income $7,217,000 $6,120,000 $6,315,000 ========== ========== ========== Weighted average number of shares outstanding 6,745,566 6,828,400 6,783,654 Net effect of diluted stock options 279,333 251,616 367,942 ---------- ---------- ---------- Weighted average common shares and equivalents outstanding 7,024,899 7,080,016 7,151,596 ========== ========== ========== Earnings per share: $1.03 $0.86 $0.88 ===== ===== =====