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                                                                      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.

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