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, ---------------------------------------------- 2001 2000 2001 2000 ---------------------------------------------- Net Income $ 5,359 $ 151 $ 9,618 $ 872 ======== ======== ======== ======== Weighted average number of issued shares outstanding 4,859 4,859 4,859 4,843 ======== ======== ======== ======== Shares used in computation of basic earnings per common stock 4,859 4,859 4,859 4,843 ======== ======== ======== ======== 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 4,843 ======== ======== ======== ======== Basic and diluted earnings per common share $ 1.10 $ .03 $ 1.98 $ .18 ======== ======== ======== ======== 12