Exhibit 11 - ---------- HERLEY INDUSTRIES, INC. AND SUBSIDIARIES COMPUTATION OF PER SHARE EARNINGS Thirteen weeks ended February 2, 1997 January 28, 1996 ---------------- ---------------- Net Income $ 779,579 $ 1,537,149 ======= ========= Weighted average shares outstanding: Shares outstanding from beginning of period 2,951,247 2,802,274 Shares issued for options exercised 240,594 - Treasury shares acquired (103,617) - Common equivalents - options and warrants 487,141 328,727 --------- --------- Weighted average common and common equivalent shares outstanding 3,575,365 3,131,001 ========= ========= Earnings per common and common equivalent share: $ .22 $ .49 === === Twenty-seven Twenty-six weeks ended weeks ended February 2, 1997 January 28, 1996 ---------------- ---------------- Net Income $ 1,651,307 $ 2,052,980 ========= ========= Weighted average shares outstanding: Shares outstanding from beginning of period 2,936,122 3,015,988 Shares issued for options exercised 130,980 - Treasury shares acquired (72,531) (185,022) Common equivalents - options and warrants 554,140 113,816 --------- --------- Weighted average common and common equivalent shares outstanding 3,548,711 2,944,782 ========= ========= Earnings per common and common equivalent share: $ .47 $ .70 === === 11