Exhibit 11 THERMO VOLTEK CORP. Computation of Earnings per Share Three Months Ended Nine Months Ended ------------------------- ------------------------- September 30, October 1, September 30, October 1, 1995 1994 1995 1994 ------------- ---------- ------------- ---------- Computation of Primary Earnings per Share: Net income (a) $ 744,000 $ 325,000 $ 1,762,000 $ 791,000 ----------- ----------- ----------- ----------- Shares: Weighted average shares outstanding 4,416,175 4,007,054 4,189,766 3,986,123 Add: Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 157,682 - - - ----------- ----------- ----------- ----------- Weighted average shares outstanding, as adjusted (b) 4,573,857 4,007,054 4,189,766 3,986,123 ----------- ----------- ----------- ----------- Primary Earnings per Share (a) / (b) $ .16 $ .08 $ .42 $ .20 =========== =========== =========== =========== PAGE Exhibit 11 THERMO VOLTEK CORP. Computation of Earnings per Share (continued) Three Months Ended Nine Months Ended ------------------------- ------------------------- September 30, October 1, September 30, October 1, 1995 1994 1995 1994 ------------- ---------- ------------- ---------- Computation of Fully Diluted Earnings per Share: Income: Net income $ 744,000 $ 325,000 $ 1,762,000 $ 791,000 Add: Convertible debt interest, net of tax 277,000 300,000 872,000 900,000 ----------- ----------- ----------- ----------- Income applicable to common stock assuming full dilution (a) $ 1,021,000 $ 625,000 $ 2,634,000 $ 1,691,000 ----------- ----------- ----------- ----------- Shares: Weighted average shares outstanding 4,416,175 4,007,054 4,189,766 3,986,123 Add: Shares issuable from assumed conversion of subordinated convertible obligations 4,462,350 4,813,513 4,674,355 4,813,513 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 157,772 96,439 157,772 107,300 ----------- ----------- ----------- ----------- Weighted average shares outstanding, as adjusted (b) 9,036,297 8,917,006 9,021,893 8,906,936 ----------- ----------- ----------- ----------- Fully Diluted Earnings per Share (a) / (b) $ .11 $ .07 $ .29 $ .19 =========== =========== =========== =========== PAGE