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,
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1999 1998 1999 1998
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Net Income $ 545 $ 557 $ 919 $ 945
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 0 12 0 11
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Common and common equivalent shares
outstanding--diluted 4,734 4,746 4,734 4,745
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Basic and diluted earnings per common share $ .11 $ .12 $ .19 $ .20
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11