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