Exhibit 11 - ---------- HERLEY INDUSTRIES, INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS 52 Weeks ended ------------------------------ July 26, 1996 July 30, 1995 July 31,1994 ------------- ------------- ------------ Net Income (loss) $3,668,956 $(4,890,166) $1,861,429 ========= ========== ========= Weighted average shares outstanding: Shares outstanding from beginning of period 3,015,988 4,175,689 4,273,189 Shares issued for options exercised 72,272 20,417 32,917 Treasury shares acquired (248,628) (509,262) (35,313) Common equivalents - options and warrants 350,707 47,307 5,629 --------- --------- --------- Weighted average common and common equivalent shares outstanding 3,190,339 3,734,151 4,276,422 ========= ========= ========= Earnings (loss) per common and common equivalent share $1.15 $(1.31) $ .44 ==== ==== ===