HERLEY INDUSTRIES, INC. AND SUBSIDIARIES Exhibit 11 COMPUTATION OF PER SHARE EARNINGS Fourteen weeks ended Thirteen weeks ended November 3, 1996 October 29, 1995 ---------------- ---------------- Net Income $ 871,728 $ 515,831 ======== ======== Weighted average shares outstanding: Shares outstanding from beginning of period 2,936,122 3,015,988 Shares issued for options exercised 4,121 - Treasury shares acquired - (156,330) Common equivalents - options and warrants 522,307 100,584 --------- --------- Weighted average common and common equivalent shares outstanding 3,462,550 2,960,242 ========= ========= Earnings per common and common equivalent share: $ .25 $ .17 === === 11