HERLEY INDUSTRIES, INC. AND SUBSIDIARIES Exhibit 11 COMPUTATION OF PER SHARE EARNINGS Thirteen weeks ended -------------------- January 28, January 29, 1996 1995 ----------- ----------- Net Income (loss) $ 1,537,149 $ (481,556) ========= ========= Weighted average number of common shares outstanding 3,131,001 3,886,040 ========= ========= Number of shares outstanding 2,802,274 3,615,815 ========= ========= Earnings (loss) per common and common equivalent share: Net income (loss) $ .49 $(.12) === === Twenty-six weeks ended ---------------------- January 28, January 29, 1996 1995 ----------- ----------- Net Income (loss) $ 2,052,980 $ (297,473) ========= ========= Weighted average number of common shares outstanding 2,944,782 4,030,864 ========= ========= Number of shares outstanding 2,802,274 3,615,815 ========= ========= Earnings (loss) per common and common equivalent share: Net income (loss) $ .70 $(.07) === === 11