Exhibit 11 THERMO ELECTRON CORPORATION Computation of Earnings per Share Three Months Ended ---------------------------- March 29, March 30, 1997 1996 ------------------------------------------------------------------------ Computation of Fully Diluted Earnings per Share: Income: Net income $ 52,058,000 $ 41,023,000 Add: Convertible debenture interest, net of tax 4,959,000 6,836,000 ------------ ------------ Income applicable to common stock assuming full dilution (a) $ 57,017,000 $ 47,859,000 ------------ ------------ Shares: Weighted average shares outstanding 150,069,864 133,635,211 Add: Shares issuable from assumed conversion of convertible debentures 23,819,810 39,251,282 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 2,035,030 2,577,058 ------------ ------------ Weighted average shares outstanding, as adjusted (b) 175,924,704 175,463,551 ------------ ------------ Fully Diluted Earnings per Share (a) / (b) $ .32 $ .27 ============ ============