HERLEY INDUSTRIES, INC. AND SUBSIDIARIES Exhibit 11 COMPUTATION OF PER SHARE EARNINGS Thirteen weeks ended Fourteen weeks ended November 2, 1997 November 3, 1996 ---------------- ---------------- Net Income $ 1,344,249 $ 871,728 ========== ======== Weighted average shares outstanding: Shares outstanding from beginning of period 4,525,871 3,914,829 Shares issued for options exercised 12,194 5,495 Treasury shares acquired - - Common equivalents - options and warrants 690,155 696,409 ---------- ---------- Weighted average common and common equivalent shares outstanding 5,228,220 4,616,733 ========= ========= Earnings per common and common equivalent share: $ .26 $ .19 === === 10