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, --------------- --------------- 1996 1995 1996 1995 ------ ------ ------ ------ Primary and fully diluted earnings per share Weighted average number of issued shares outstanding 4,734 4,634 4,734 4,634 Effect of: 1994 Long-Term Incentive Plan -- -- -- -- 1994 Non-Employee Directors' Stock Option Plan -- -- -- -- ------ ------ ------ ------ Shares outstanding used to compute primary and fully diluted earnings per share 4,734 4,634 4,734 4,634 ====== ====== ====== ====== Net Income $ 440 $ 381 $ 722 $ 663 ====== ====== ====== ====== Primary and fully diluted earnings per share $ 0.09 $ 0.08 $ 0.15 $ 0.14 ====== ====== ====== ======