1 EXHIBIT 11 LSI INDUSTRIES INC. STATEMENT RE COMPUTATION OF EARNINGS PER SHARE (IN THOUSANDS, EXCEPT PER SHARE) Three Months Ended Six Months Ended December 31 December 31 1995 1994 1995 1994 ------- ------ ------- ------ NET INCOME Continuing operations $ 2,693 $2,159 $ 4,887 $4,008 Discontinued operations (1,500) -- (1,500) -- ------- ------ ------- ------ Net income $ 1,193 $2,159 $ 3,387 $4,008 ======= ====== ======= ====== AVERAGE SHARES OUTSTANDING Weighted average shares outstanding during the period 7,622 7,514 7,602 7,496 Common Share Equivalents: Common Shares to be issued under Stock Option Plan 384 257 378 264 ------- ------ ------- ------ Average Shares Outstanding 8,006 7,770 7,980 7,760 ======= ====== ======= ====== NET INCOME PER SHARE Continuing operations $ .34 $ .28 $ .61 $ .52 Discontinued operations (.19) -- (.19) -- ------- ------ ------- ------ Net income per share $ .15 $ .28 $ .42 $ .52 ======= ====== ======= ====== Note: Calculated using the "Treasury Stock" method as if options were exercised and the funds were used to purchase Common Shares at the average market price during the period. Page 23 of 23