Exhibit 11 THERMO ELECTRON CORPORATION Computation of Earnings per Share Three Months Ended ----------------------------- Sept. 27, Sept. 28, 1997 1996 -------------------------------------------------------------------------- Computation of Fully Diluted Earnings per Share: Income: Net income $ 61,859,000 $ 51,242,000 Add: Convertible debenture interest, net of tax 4,946,000 5,688,000 ------------ ------------ Income applicable to common stock assuming full dilution (a) $ 66,805,000 $ 56,930,000 ------------ ------------ Shares: Weighted average shares outstanding 150,344,554 142,791,369 Add: Shares issuable from assumed conversion of convertible debentures 23,735,864 30,555,401 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 2,175,000 2,468,459 ------------ ------------ Weighted average shares outstanding, as adjusted (b) 176,255,418 175,815,229 ------------ ------------ Fully Diluted Earnings per Share (a) / (b) $ .38 $ .32 ============ ============ PAGE Exhibit 11 THERMO ELECTRON CORPORATION Computation of Earnings per Share Nine Months Ended ----------------------------- Sept. 27, Sept. 28, 1997 1996 ------------------------------------------------------------------------ Computation of Fully Diluted Earnings per Share: Income: Net income $170,075,000 $137,184,000 Add: Convertible debenture interest, net of tax 14,865,000 18,522,000 ------------ ------------ Income applicable to common stock assuming full dilution (a) $184,940,000 $155,706,000 ------------ ------------ Shares: Weighted average shares outstanding 150,195,892 138,853,385 Add: Shares issuable from assumed conversion of convertible debentures 23,791,791 34,286,379 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 2,175,000 2,520,701 ------------ ------------ Weighted average shares outstanding, as adjusted (b) 176,162,683 175,660,465 ------------ ------------ Fully Diluted Earnings per Share (a) / (b) $ 1.05 $ .89 ============ ============