1 Exhibit 11 OIL-DRI CORPORATION OF AMERICA AND SUBSIDIARIES Computation of Earnings Per Share (in thousands of dollars except for per share amounts) (in thousands, except per share amounts) ---------------------------------------------------- Three Months Ended Nine Months Ended April 30 April 30 ------------------------ ------------------------ 1998 1997 1998 1997 ---------- ---------- ---------- ---------- Net (loss) income available to Stockholders (numerator) $ 1,389 $ 1,164 $ 3,165 $ 5,358 ========== ========== ========== ========== Shares Calculation (denominator): Average shares outstanding - 6,052,808 6,546,899 6,196,851 6,641,655 basic Effect of Dilutive Securities: Potential Common Stock relating to stock options 17,474 35,475 34,775 2,773 ---------- ---------- ---------- ---------- Average shares outstanding- assuming dilution 6,070,282 6,582,374 6,231,626 6,644,428 ========== ========== ========== ========== Earnings per share-basic $ 0.23 $ 0.18 $ 0.51 $ 0.81 ========== ========== ========== ========== Earnings per share-assuming dilution $ 0.23 $ 0.18 $ 0.51 $ 0.81 ========== ========== ========== ==========