Exhibit 11 THERMO ELECTRON CORPORATION Computation of Earnings per Share Three Months Ended ---------------------------- June 29, July 1, 1996 1995 -------------------------------------------------------------------------- Computation of Fully Diluted Earnings per Share: Income: Net income $ 44,919,000 $ 33,050,000 Add: Convertible debenture interest, net of tax 5,998,000 3,997,000 ------------ ------------ Income applicable to common stock assuming full dilution (a) $ 50,917,000 $ 37,047,000 ------------ ------------ Shares: Weighted average shares outstanding 140,133,601 125,426,152 Add: Shares issuable from assumed conversion of convertible debentures 33,050,279 31,075,930 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 2,516,587 1,918,361 ------------ ------------ Weighted average shares outstanding, as adjusted (b) 175,700,467 158,420,443 ------------ ------------ Fully Diluted Earnings per Share (a) / (b) $ .29 $ .23 ============ ============ PAGE Exhibit 11 THERMO ELECTRON CORPORATION Computation of Earnings per Share (continued) Six Months Ended ---------------------------- June 29, July 1, 1996 1995 ------------------------------------------------------------------------ Computation of Fully Diluted Earnings per Share: Income: Net income $ 85,942,000 $ 62,734,000 Add: Convertible debenture interest, net of tax 12,834,000 8,301,000 ------------ ------------ Income applicable to common stock assuming full dilution (a) $ 98,776,000 $ 71,035,000 ------------ ------------ Shares: Weighted average shares outstanding 136,884,346 123,720,842 Add: Shares issuable from assumed conversion of convertible debentures 36,151,867 32,648,850 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 2,546,829 1,918,362 ------------ ------------ Weighted average shares outstanding, as adjusted (b) 175,583,042 158,288,054 ------------ ------------ Fully Diluted Earnings per Share (a) / (b) $ .56 $ .45 ============ ============