Exhibit 11 THERMO ELECTRON CORPORATION Computation of Earnings per Share Three Months Ended ---------------------------- September 28, September 30, 1996 1995 ------------------------------------------------------------------------ Computation of Fully Diluted Earnings per Share: Income: Net income $ 51,242,000 $ 38,544,000 Add: Convertible debenture interest, net of tax 5,688,000 3,798,000 ------------ ------------ Income applicable to common stock assuming full dilution (a) $ 56,930,000 $ 42,342,000 ------------ ------------ Shares: Weighted average shares outstanding 142,791,369 127,732,874 Add: Shares issuable from assumed conversion of convertible debentures 30,555,401 29,041,494 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 2,468,459 2,552,078 ------------ ------------ Weighted average shares outstanding, as adjusted (b) 175,815,229 159,326,446 ------------ ------------ Fully Diluted Earnings per Share (a) / (b) $ .32 $ .27 ============ ============ PAGE THERMO ELECTRON CORPORATION Computation of Earnings per Share (continued) Nine Months Ended ----------------------------- September 28, September 30, 1996 1995 ------------------------------------------------------------------------ Computation of Fully Diluted Earnings per Share: Income: Net income $137,184,000 $101,278,000 Add: Convertible debenture interest, net of tax 18,522,000 12,099,000 ------------ ------------ Income applicable to common stock assuming full dilution (a) $155,706,000 $113,377,000 ------------ ------------ Shares: Weighted average shares outstanding 138,853,385 125,058,179 Add: Shares issuable from assumed conversion of convertible debentures 34,286,379 31,446,397 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 2,520,701 2,552,078 ------------ ------------ Weighted average shares outstanding, as adjusted (b) 175,660,465 159,056,654 ------------ ------------ Fully Diluted Earnings per Share (a) / (b) $ .89 $ .71 ============ ============