EXHIBIT 11 THERMO INSTRUMENT SYSTEMS INC. COMPUTATION OF EARNINGS PER SHARE 1994 1993 1992 ----------- ----------- ----------- Computation of Fully Diluted Earnings per Share: Income: Net income $60,220,000 $44,764,000 $33,130,000 Add: Convertible obligation interest, net of tax 6,315,000 4,016,000 3,905,000 ----------- ----------- ----------- Income applicable to common stock assuming full dilution (a) $66,535,000 $48,780,000 $37,035,000 ----------- ----------- ----------- Shares: Weighted average shares outstanding 47,025,628 44,909,660 43,261,257 Add: Shares issuable from assumed conversion of convertible obligations 9,354,267 6,589,803 6,279,297 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 218,956 365,345 661,225 ----------- ----------- ----------- Weighted average shares outstanding, as adjusted (b) 56,598,851 51,864,808 50,201,779 ----------- ----------- ----------- Fully Diluted Earnings per Share (a) / (b) $ 1.18 $ .94 $ .74 =========== =========== ===========