EXHIBIT 11 IPI, INC. AND SUBSIDIARIES STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE (In Thousands, Except Per Share Amounts) Three Months Ended February 28, February 29, -------------------------- 2001 2000 -------------------------- Net Income $4,180 $ 166 ====== ====== Weighted average number of issued shares outstanding 4,859 4,810 ====== ====== Shares used in computation of basic earnings per common stock 4,859 4,810 Dilutive effect of outstanding stock options and stock warrants after application of treasury stock method 0 0 ------ ------ Common and common equivalent shares outstanding-diluted 4,859 4,810 ====== ====== Basic and diluted earnings per common share $ .86 $ .03 ====== ======