<PAGE>

                                                                      Exhibit 11

                                Rymer Foods Inc.
                        Computation of Earnings Per Share
                      for the years ended October 28, 1995,
                      October 29, 1994 and October 30, 1993
                    (in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                          1995                1994                 1993
                                                    -----------------   -----------------   -----------------
                                                                           (Restated)         (Restated)
                                                               Fully               Fully               Fully
                                                    Primary   Diluted   Primary   Diluted   Primary   Diluted
                                                    -------   -------   -------   -------   -------   -------
<S>                                                 <C>       <C>       <C>       <C>       <C>       <C>
AVERAGE SHARES OUTSTANDING
  1  Average shares outstanding                      10,748    10,748    10,506    10,506     6,821     6,821
  2  Net additional shares assuming stock
      options and warrants exercised and
      proceeds used to purchase treasury
      shares                                            140       140       156       276                  54
  3  Net additional shares assuming
      conversion of preferred stock not
      considered a common stock
      equivalent at issuance
  4  Average number of common                       -------  --------   -------   -------   -------   -------
      shares outstanding                             10,888    10,888    10,662    10,782     6,821     6,875
                                                    -------  --------   -------   -------   -------   -------
                                                    -------  --------   -------   -------   -------   -------

EARNINGS
  5  Income (loss) from continuing operations      $(29,620) $(29,620) $  1,883  $  1,883  $(23,867) $(23,867)
                                                    -------  --------   -------   -------   -------   -------
                                                    -------  --------   -------   -------   -------   -------

  6  Income (loss) before extraordinary item       $(30,802) $(30,802) $  6,478  $  6,478  $(22,829) $(22,829)
                                                    -------  --------   -------   -------   -------   -------
                                                    -------  --------   -------   -------   -------   -------

  7  Net income (loss)                             $(30,802) $(30,802) $  6,478  $  6,478  $(11,441) $(11,441)
                                                    -------  --------   -------   -------   -------   -------
                                                    -------  --------   -------   -------   -------   -------

PER SHARE AMOUNTS
      Income (loss) from continuing operations
       (line 5 / line 4)                            $ (2.72)  $ (2.72) $    .18  $    .17  $  (3.50) $  (3.47)
                                                    -------  --------   -------   -------   -------   -------
                                                    -------  --------   -------   -------   -------   -------
                                                                                                       (a)
      Income (loss) before extraordinary item
       (line 6 / line 4)                            $ (2.83)  $ (2.83) $    .61  $    .60  $  (3.35) $  (3.32)
                                                    -------  --------   -------   -------   -------   -------
                                                    -------  --------   -------   -------   -------   -------
                                                                                                       (a)
      Net income (loss)
       (line 7 / line 4)                            $ (2.83)  $ (2.83) $    .61  $    .60  $  (1.68) $  (1.66)
                                                    -------  --------   -------   -------   -------   -------
                                                    -------  --------   -------   -------   -------   -------
                                                                                                       (a)
</TABLE>


Note:  In all years, earnings per share has been calculated using the treasury
stock method.

(a)  Amounts are anti-dilutive; accordingly, primary earnings per share is
     disclosed for reporting purposes in accordance with generally accepted
     accounting principles.