Exhibit 11.0 ------------ SPECIALTY PRODUCTS & INSULATION CO. COMPUTATION OF PROFORMA EARNINGS PER SHARE (In thousands, except per share data) For the Year Ended For the Three Months Ended December 31, 1998 March 31, 1998 Net income - Basic and Diluted $ 3,007 $ 503 ========== ========== Shares: Weighted average number of shares outstanding 2,913,547 2,913,547 Number of shares whose proceeds will be used to pay the dividend 953,637(1) 953,637(1) ---------- ---------- Total 3,867,184 3,867,184 ========== ========== Pro Forma Earnings Per Share- Basic and Diluted $ 0.78 $ 0.13 ========== ========== (1) Assumes $11 offering price per share and a $10,490,000 dividend to be paid to the parent company