Exhibit 11 THERMO ELECTRON CORPORATION Computation of Earnings per Share Three Months Ended ---------------------------- April 1, April 2, 1995 1994 ------------ ------------ Computation of Fully Diluted Earnings per Share: Income: Net income $ 29,548,000 $ 22,925,000 Add: Convertible debenture interest, net of tax 4,304,000 2,460,000 ------------ ------------ Income applicable to common stock assuming full dilution (a) $ 33,852,000 $ 25,385,000 ------------ ------------ Shares: Weighted average shares outstanding 53,721,243 50,491,502 Add: Shares issuable from assumed conversion of convertible debentures 15,209,676 10,970,407 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 692,892 391,103 ------------ ------------ Weighted average shares outstanding, as adjusted (b) 69,623,811 61,853,012 ------------ ------------ Fully Diluted Earnings per Share (a) / (b) $ .49 $ .41 ============ ============