<PAGE>   1
                                  EXHIBIT 11
                                       
                Helene Curtis Industries, Inc. and Subsidiaries
                      COMPUTATIONS OF EARNINGS PER SHARE
                 (Dollars in thousands, except per-share data)
                                       

<TABLE>
<CAPTION>
                                                    For the Three Months             For the Nine Months
                                                     Ended November 30,               Ended November 30,
                                               ----------------------------       --------------------------
                                                 1995              1994              1995            1994
                                               ----------        ----------       ----------      ----------           
<S>                                            <C>             <C>                <C>             <C>
Primary earnings (loss) per share:                                                            
                                                                                              
   Net earnings (loss)                         $   (7,196)       $    3,363       $      206      $   11,396 
                                               ==========        ==========       ==========      ==========           
   Weighted average number of                                                                 
     shares outstanding:                                                                      
       Common and Class B                                                                     
         Common Shares                          9,462,758         9,442,298        9,455,157       9,443,181 
       Common stock equivalents                    29,977            83,200           47,524          43,423 
                                               ----------        ----------       ----------      ----------           
           Total                                9,492,735         9,525,498        9,502,681       9,486,604 
                                               ==========        ==========       ==========      ==========           
   Primary earnings (loss) per share           $     (.76)       $      .35       $      .02      $     1.20
                                               ==========        ==========       ==========      ==========           
                                                                                              
Fully diluted earnings (loss) per share:                                                      
                                                                                              
   Net earnings (loss)                         $   (7,196)       $    3,363       $      206      $   11,396 
                                               ==========        ==========       ==========      ==========           
   Weighted average number of                                                                 
     shares outstanding:                                                                      
       Common and Class B                                                                     
         Common Shares                          9,462,758         9,442,298        9,455,157       9,443,181 
       Common stock equivalents                    28,564            81,219           38,710          49,771 
                                               ----------        ----------       ----------      ----------           
           Total                                9,491,322         9,523,517        9,493,867       9,492,952 
                                               ==========        ==========       ==========      ==========           
   Fully diluted earnings (loss) per share     $     (.76)       $      .35       $      .02      $     1.20
                                               ==========        ==========       ==========      ==========           
</TABLE>


Note:    Fully diluted amounts are not included on the face of the consolidated 
         statements of earnings because they differ from primary earnings per 
         share by less than 3%.






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