EXHIBIT 11 IPI, INC. AND SUBSIDIARIES STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE (In Thousands, Except Per Share Amounts) Three Months Ended Six Months Ended May 31, May 31, ---------------------------------------- 2001 2000 2001 2000 ---------------------------------------- Net Income $ 79 $ 555 $4,259 $ 721 ====== ====== ====== ====== Weighted average number of issued shares outstanding 4,859 4,859 4,859 4,835 ====== ====== ====== ====== Shares used in computation of basic earnings per common stock 4,859 4,859 4,859 4,835 Dilutive effect of outstanding stock options and stock warrants after application of treasury stock method 0 0 0 0 ------ ------ ------ ------ Common and common equivalent shares outstanding-diluted 4,859 4,859 4,859 4,835 ====== ====== ====== ====== Basic and diluted earnings per common share $ .02 $ .11 $ .88 $ .15 ====== ====== ====== ====== 13