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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1998 1997 1998 1997
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Net Income $ 554 $ 470 $1,499 $1,239
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
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Dilutive effect of outstanding stock options and
stock warrants after application of treasury
stock method 24 0 12 0
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Common and common equivalent shares
outstanding-diluted 4,758 4,734 4,746 4,734
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Basic earnings per common share $ .12 $ .10 $ .32 $ .26
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Diluted earnings per common share $ .12 $ .10 $ .32 $ .26
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