VACU-DRY COMPANY COMMISSION FILE NUMBER 01912 EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE YEAR ENDED JUNE 30, 1998 1997 1996 (IN THOUSANDS, EXCEPT PER SHARE DATA) PRIMARY EARNINGS PER SHARE: NET EARNINGS APPLICABLE TO COMMON STOCK $899 $517 $434 === === === AVERAGE NUMBER OF COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING: AVERAGE COMMON SHARES OUTSTANDING 1,581 1,648 1,704 DILUTIVE EFFECT OF STOCK OPTIONS 19 0 0 ----- ----- ----- 1,600 1,648 1,704 ===== ===== ===== EARNINGS PER COMMON SHARE Basic $.57 $.31 $.25 ===== ===== ===== Diluted $.56 -- -- ===== ===== =====