EXHIBIT 11
IPI, INC. AND SUBSIDIARY
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
(In Thousands, Except Per Share Amounts)
Three Months Ended
February 28,
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1998 1997
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Net Income $ 388 $ 314
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Weighted average number of issued shares outstanding 4,734 4,734
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4,734 4,734
Shares used in computation of basic earnings per common stock
Dilutive effect of outstanding stock options and stock warrants after
application of treasury stock method 8 0
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Common and common equivalent shares outstanding-diluted 4,742 4,734
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Basic earnings per common share $ .08 $ .07
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Diluted earnings per common share $ .08 $ .07
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