Itt Educational Services 10-K 2003 FY Annual report

Exhibit 11

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

	2003		2002		2001
Net income	$	58,858	$	43,854	$	33,714
Shares:
Weighted average number of shares of common stock outstanding (a)	45,086		45,736		47,208
Shares assumed issued
(less shares assumed purchased for treasury) on stock options (a)	1,194		1,057		1,008
Outstanding shares for diluted earnings per share calculation (a)	46,280		46,793		48,216
Earnings per common share (a):
Basic	$	1.31	$	0.96	$	0.71
Diluted	$	1.27	$	0.94	$	0.70

(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 June 6, 2002.