EXHIBIT 11
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
NATIONAL COMPUTER SYSTEMS, INC.
YEAR ENDED JANUARY 31
----------------------------------------------------------------------
1995 1994 1993 1992 1991
=========== =========== =========== =========== ===========
(In Thousands, Except Per Share Amounts)
PRIMARY
Average shares outstanding 15,164 15,438 15,915 16,002 15,891
Dilutive stock options -- based
on the treasury stock method
using average market price 61 97 151 136 --
----------- ----------- ----------- ---------- -----------
TOTAL 15,225 15,535 16,066 16,138 15,891
=========== =========== =========== ========== ===========
Net income (loss) $ 13,398 $ (2,509) $ 16,508 $ 15,474 $ 13,022
=========== =========== =========== =========== ===========
Net income (loss) per share $ 0.88 $ (0.16) $ 1.03 $ 0.96 $ 0.82
=========== =========== =========== =========== ===========
FULLY DILUTED (1)
Average shares outstanding 15,164 15,438 15,915 16,002 15,891
Dilutive stock options -- based on
the treasury stock method using
the higher of year-end market
price or average market price 148 99 164 199 78
Assumed conversion of convertible
subordinated debenture -- -- -- 361 1,937
----------- ----------- ----------- ----------- -----------
TOTAL 15,312 15,537 16,079 16,562 17,906
=========== =========== =========== =========== ===========
Net income (loss) $ 13,398 $ (2,509) $ 16,508 $ 15,474 $ 13,022
Add interest on convertible subordinated
debenture, net of the income tax effect -- -- -- 363 1,795
=========== =========== =========== =========== ===========
$ 13,398 $ (2,509) $ 16,508 $ 15,837 $ 14,817
=========== =========== =========== =========== ===========
Net income (loss) per share $ 0.88 $ (0.16) $ 1.03 $ 0.96 $ 0.83
=========== =========== =========== =========== ===========
<FN>
(1) - Fully converted in the year ended January 31, 1991, which is
anti-dilutive.
</FN>