Exhibit 11

Statement  of Computation of Per Share Earnings

In the three and six months ended June 30, 2021 and 2020, FutureFuel computed earnings per share using the treasury method. 

The composition of basic and diluted earnings (losses) per share were as follows:

(Dollars in thousands, except per share amounts)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021			2020
Numerator:
Net income (loss)	$	3,481	$	15,159	$	(5,292	)	$	34,202
Denominator:
Weighted average shares outstanding – basic		43,754,232		43,743,243		43,748,768			43,743,243
Effect of dilutive securities:
Stock options and other awards		190		497		-			248
Weighted average shares outstanding – diluted		43,754,422		43,743,740		43,748,768			43,743,491
Basic earnings (loss) per share	$	0.08	$	0.35	$	(0.12	)	$	0.78
Diluted earnings (loss) per share	$	0.08	$	0.35	$	(0.12	)	$	0.78