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Exhibit 11
PENWEST, LTD. AND SUBSIDIARIES
COMPUTATION OF PER-SHARE EARNINGS
Year Ended August 31
1996 1995 1994
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PRIMARY:
Net income $5,052,000 $7,217,000 $6,120,000
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Weighted average number of shares outstanding 6,805,740 6,745,566 6,828,400
Net effect of diluted stock options 201,600 273,404 282,553
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Weighted average common shares
and equivalents outstanding 7,007,340 7,018,970 7,110,953
========== ========== ==========
Earnings per share: $ 0.72 $ 1.03 $ 0.86
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FULLY DILUTED:
Net income $5,052,000 $7,217,000 $6,120,000
========== ========== ==========
Weighted average number of shares outstanding 6,805,740 6,745,566 6,828,400
Net effect of diluted stock options 194,352 279,333 251,616
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Weighted average common shares and
equivalents outstanding 7,000,092 7,024,899 7,080,016
========== ========== ==========
Earnings per share $ 0.72 $ 1.03 $ 0.86
========== ========== ==========
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