EXHIBIT 11
IPI, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
(In Thousands, Except Per Share Amounts)
Three Months Ended Nine Months Ended
August 31, August 31,
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2000 1999 2000 1999
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Net Income $ 151 $ 457 $ 872 $1,376
Weighted average number of issued shares outstanding 4,859 4,734 4,843 4,734
Shares used in computation of basic earnings per common
stock 4,859 4,734 4,843 4,734
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Dilutive effect of outstanding stock options and stock
warrants after application of treasury stock method 0 0 0 0
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Common and common equivalent shares outstanding-diluted 4,859 4,734 4,843 4,734
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Basic and diluted earnings per common share $ .03 $ .10 $ .18 $ .29
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