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 Nine Months Ended September 30 September 30 --------------- ------------ 1996 1995 1996 1995 ---- ---- ---- ---- Primary: Average shares outstanding 12,212,123 12,220,861 12,197,703 12,203,676 ========== ========== ========== ========== Net income $163,000 $423,000 $3,052,000 $2,887,000 ======== ======== ========== ========== Earnings per share $ .01 $ .04 $ .25 $.24 ====== ====== ====== ====