1
Exhibit 11
PENWEST, LTD. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Quarter Ended Six Months Ended
February 28/29 February 28/29
-------------- ----------------
1997 1996 1997 1996
---- ---- ---- ----
PRIMARY:
- --------
Net income $1,256,000 $ 908,000 $2,663,000 $2,656,000
========== ========= ========== ==========
Weighted average number of
shares outstanding 6,883,499 6,770,927 6,867,378 6,700,196
Net effect of dilutive stock options 129,964 242,022 135,883 293,181
---------- ---------- ----------- ----------
Adjusted shares outstanding 7,013,463 7,012,949 7,003,261 6,993,377
========== ========== =========== ==========
Earnings per share $ 0.18 $ 0.13 $ 0.38 $ 0.38
========== ========== =========== ==========
FULLY DILUTED:
- --------------
Net income $1,256,000 $ 908,000 $2,663,000 $2,656,000
========== ========= ========== ==========
Weighted average number of
shares outstanding 6,883,499 6,770,927 6,867,378 6,700,196
Net effect of dilutive stock options 141,396 242,022 141,599 293,181
---------- ---------- ----------- ----------
Adjusted shares outstanding 7,024,895 7,012,949 7,008,977 6,993,377
========== ========== =========== ==========
Earnings per share $ 0.18 $ 0.13 $ 0.38 $ 0.38
========== ========== =========== ==========
13