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, ------------------ ----------------- 1999 1998 1999 1998 ---- ---- ---- ---- Net Income $ 457 $ 554 $1,376 $1,499 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 0 24 0 12 ------ ------ ------ ------ Common and common equivalent shares outstanding-diluted 4,734 4,758 4,734 4,746 ====== ====== ====== ====== Basic and diluted earnings per common share $ .10 $ .12 $ .29 $ .32 ====== ====== ====== ====== 11