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EXHIBIT 11
LSI INDUSTRIES INC.
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
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(IN THOUSANDS, EXCEPT PER SHARE)
Three Months Ended Six Months Ended
December 31 December 31
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1996 1995 1996 1995
---- ---- ---- ----
NET INCOME
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Continuing operations $2,718 $ 2,693 $4,854 $ 4,887
Discontinued operations -- (1,500) -- (1,500)
------ ------- ------ -------
Net income $2,718 $ 1,193 $4,854 $ 3,387
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AVERAGE SHARES OUTSTANDING
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Weighted average shares
outstanding during the period 9,017 7,622 9,006 7,602
Common Share Equivalents
Common Shares to be issued
under Stock Option Plan 132 384 187 378
------ ------- ------ -------
Average Shares Outstanding 9,149 8,006 9,193 7,980
====== ======= ====== =======
NET INCOME PER SHARE
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Continuing operations $ .30 $ .34 $ .53 $ .61
Discontinued operations -- (.19) -- (.19)
------ ------- ------ -------
Net income per share $ .30 $ .15 $ .53 $ .48
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<FN>
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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