Exhibit 11 |
ITT EDUCATIONAL SERVICES, INC.
COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE
(In thousands, except per share data)
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| Three Months Ended June 30, |
| Six Months Ended June 30, |
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| 2002 |
| 2001 |
| 2002 |
| 2001 |
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Net income |
| $ | 6,753 |
| $ | 5,078 |
| $ | 13,160 |
| $ | 9,866 |
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Shares: |
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Weighted average number of shares of common stock outstanding(a) |
| 45,925 |
| 47,388 |
| 46,037 |
| 47,240 |
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Shares assumed issued (less shares assumed purchased for treasury) on stock options(a) |
| 1,230 |
| 1,072 |
| 1,162 |
| 958 |
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Outstanding shares for diluted earnings per share calculation(a) |
| 47,155 |
| 48,460 |
| 47,199 |
| 48,198 |
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Earnings per common share: |
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Basic |
| $ | 0.15 |
| $ | 0.11 |
| $ | 0.29 |
| $ | 0.21 |
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Diluted |
| $ | 0.14 |
| $ | 0.10 |
| $ | 0.28 |
| $ | 0.20 |
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(a) | The number of shares for all prior periods have been restated to reflect the two-for-one stock split declared on May 10, 2002 that became effective on June 6, 2002. |
