Itt Educational Services 10-Q 2001 Q3 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 September 30,				Nine Months Ended September 30,
	2001		2000		2001		2000
Net income	$	9,179	$	7,473	$	19,045	$	12,536
Shares:
Weighted average number of shares of common stock outstanding	23,795		23,912		23,678		24,147
Shares assumed issued (less shares assumed purchased for treasury) on stock options	536		234		498		158
Outstanding shares for diluted earnings per share calculation	24,331		24,146		24,176		24,305
Earnings per common share:
Basic	$	0.39	$	0.31	$	0.80	$	0.52
Diluted	$	0.38	$	0.31	$	0.79	$	0.52