Itt Educational Services 10-Q 2000 Q2 Quarterly report

Exhibit 11

ITT EDUCATIONAL SERVICES, INC.
COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE
(In thousands, except per share data)

	Three Months Ended June 30,		Six Months Ended June 30,
	2000	1999	2000	1999
Net income	$3,859	$1,251	$5,063	$7,770
Shares:
Weighted average number of shares of common stock     outstanding	24,022	25,279	24,264	25,668
Shares assumed issued (less shares assumed     purchased for treasury) on stock options	160	151	121	195
Outstanding shares for diluted earnings per share calculation	24,182	25,430	24,385	25,863
Earnings per common share:
Basic	$0.16	$0.05	$0.21	$0.30
Diluted	$0.16	$0.05	$0.21	$0.30