Exhibit 11
ITT EDUCATIONAL SERVICES, INC.
COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE
(In thousands, except per share data)
2004 | 2003 | 2002 | |||||||
Net income | $ | 75,263 | $ | 58,858 | $ | 43,854 | |||
Shares: | |||||||||
Weighted average number of shares of common stock outstanding (a) | 45,791 | 45,086 | 45,736 | ||||||
Shares assumed issued (less shares assumed purchased for treasury) on stock options (a) | 1,017 | 1,194 | 1,057 | ||||||
Outstanding shares for diluted earnings per share calculation (a) | 46,808 | 46,280 | 46,793 | ||||||
Earnings per common share (a): | |||||||||
Basic | $ | 1.61 | $ | 1.31 | $ | 0.96 | |||
Diluted | $ | 1.64 | $ | 1.27 | $ | 0.94 |
(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. |