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, ---------------------- --------------------- 1998 1997 1998 1997 ---- ---- ---- ---- Net Income $ 557 $ 455 $ 945 $ 769 Weighted average number of issued shares outstanding 4,734 4,734 4,734 4,734 Shares used in computation of basic earnings per common stock 4,734 4,734 4,734 4,734 ===== ===== ===== ===== Dilutive effect of outstanding stock options and stock warrants after application of treasury stock method 12 0 11 0 ----- ----- ----- ----- Common and common equivalent shares outstanding-diluted 4,746 4,734 4,745 4,734 ===== ===== ===== ===== Basic earnings per common share $ .12 $ .09 $ .20 $ .16 ======== ======= ======= ======= Diluted earnings per common share $ .12 $ .09 $ .20 $ .16 ======== ======= ======= =======