EXHIBIT 11.1

                            SCHMITT INDUSTRIES, INC.
                 SCHEDULE OF COMPUTATION OF NET INCOME PER SHARE
                                   (UNAUDITED)



                                                        Three Months Ended
                                               August 31, 1997   August 31, 1996
                                              ----------------  ----------------

I.   Net income for period                        $   354,551       $   140,276
                                                --------------    --------------

II.  Determination of shares

     Weighted average number of common 
     shares outstanding                             7,081,889         6,973,654
     Common equivalent shares                         475,989           243,542
     (determined using the "treasury 
     stock" method) representing shares 
     issuable upon exercise of employee 
     stock options 

     Weighted average number of shares 
     used in                                        7,557,878         7,217,196
     calculation of primary income per share

     Shares issuable on exercise of stock                 -0-           321,707
     options, net of shares assumed to be 
     repurchased with proceeds at market price                       

     Weighted average number of shares 
     used in fully diluted income per share         7,557,878         7,538,903
                                                --------------    --------------


III. Net income per common share and common 
     share equivalent

     Primary                                             $.05              $.02
                                                      --------          --------

     Fully diluted                                       $.05              $.02
                                                      --------          --------


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