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
                                                                             ======        ======