EXHIBIT 11 IPI, INC. AND SUBSIDIARY STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE (In Thousands, Except Per Share Amounts) Three Months Ended Nine Months Ended August 31, August 31, ---------------- ---------------- 1997 1996 1997 1996 ------ ------ ------ ------ Primary and fully diluted earnings per share Weighted average number of issued shares outstanding 4,734 4,734 4,734 4,734 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 4,734 4,734 4,734 ====== ====== ====== ====== Net Income $ 470 $ 419 $1,239 $1,141 ====== ====== ====== ====== Primary and fully diluted earnings per share $ 0.10 $ 0.09 $ 0.26 $ 0.24 ====== ====== ====== ====== 11