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Content analysis
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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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| 2003 |
| 2002 |
| 2003 |
| 2002 |
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Net income |
| $ | 9,845 |
| $ | 6,753 |
| $ | 18,527 |
| $ | 13,160 |
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Shares: |
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Weighted average number of shares of common stock outstanding (a) |
| 44,830 |
| 45,925 |
| 44,922 |
| 46,037 |
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Shares assumed issued |
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(less shares assumed purchased for treasury) on stock options (a) |
| 1,091 |
| 1,230 |
| 1,060 |
| 1,162 |
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Outstanding shares for diluted earnings per share calculation (a) |
| 45,921 |
| 47,155 |
| 45,982 |
| 47,199 |
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Earnings per common share (a): |
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Basic |
| $ | 0.22 |
| $ | 0.15 |
| $ | 0.41 |
| $ | 0.29 |
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Diluted |
| $ | 0.21 |
| $ | 0.14 |
| $ | 0.40 |
| $ | 0.28 |
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(a) Earnings per common share and the number of shares in 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.