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 ------------------------ ---------------------- 1996 1995 1996 1995 ---- ---- ---- ---- Primary: Average shares outstanding 12,203,089 12,218,639 12,190,494 12,195,084 ========== ========== ========== ========== Net income $1,458,000 $1,324,000 $2,889,000 $2,464,000 ========== ========== ========== ========== Earnings per share $ .12 $ .11 $ .24 $.20 ====== ====== ====== ====