Exhibit 11 DeVlieg-Bullard, Inc.
                        Computation of Earnings per Share
              (unaudited - in thousands, except per share data) (a)

<TABLE>
<CAPTION>
                                             Three Months Ended       Nine Months Ended
                                                  April 30,                April 30,
                                               1998       1997         1998       1997
<S>                                          <C>        <C>         <C>         <C>     
Net (loss) income                            $     77   $  1,170    $ (2,087)   $  2,653
                                             ========   ========    ========    ========

Shares for basic earnings per share:
Average number of common shares
     outstanding                               12,308     12,260      12,288      12,253
Dilutive effect of outstanding stock
     purchase warrants (b):
         Class A                                1,495      1,495       1,496       1,494
         Class B (c)                              288        288         288         288
                                             --------   --------    --------    --------
     Total Basic shares outstanding            14,091     14,043      14,072      14,035
                                             ========   ========    ========    ========

Basic earnings per share                     $   0.01   $   0.08    $  (0.15)   $   0.19
                                             ========   ========    ========    ========

Additional shares for dilution:
Basic shares outstanding                       14,091     14,043      14,072      14,035
Dilutive effect of outstanding options (b)        334        477         (e)         346
Dilutive effect of outstanding stock
     purchase warrants - Class C (b) (d)          747        747         (e)         747
                                             --------   --------    --------    --------
Total shares used in calculation of
     diluted earnings per share                15,172     15,267      14,072      15,128
                                             ========   ========    ========    ========

Diluted earnings per share                   $   0.01    $  0.08    $  (0.15)   $   0.18
                                             ========   ========    ========    ========
</TABLE>


Notes:

(a)  In accordance with the provisions of SFAS 128, "Earnings per Share," the
     prior year has been restated.

(b)  As determined by application of the treasury stock method.

(c)  A total of 289 Class B stock purchase warrants were issuable May 1997 using
     a formula based on the average closing stock price for the 90 days prior to
     issuance. The Class B warrants became issuable on March 18, 1996, but at
     that time, the number of shares was unknown.

(d)  In connection with the refinancing of the senior debt facility in October
     1995, 750 Class C stock purchase warrants ("Class C Warrants") were issued.
     The Company has the opportunity to earn back these warrants based on
     earnings as defined in the agreement. For the three and nine months ended
     April 30, 1998 and 1997, the Company did not meet the defined earnings
     level, therefore all Class C Warrants were considered outstanding.

(e)  Not included in calculation as effect would be antidilutive.

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