EXHIBIT 11 -  Computation of Earnings Per Share 




            Item 6(a)
            Exhibit 11

            Computation of Earnings per Share
            United Industrial Corporation and Subsidiaries



                                            Three Months Ended         Six Months Ended 
                                                June 30                     June 30      
       
                                             1994          1993         1994         1993 

                                                                  
      Primary:

        Average shares outstanding      12,258,693    12,258,693   12,258,693    12,258,693

        Net income (loss)               $1,408,000    $1,725,000   $2,462,000  $(14,732,000)

        Earnings (loss) per share           $  .11        $  .14       $  .20        $(1.20)