Exhibit 11 THERMO INSTRUMENT SYSTEMS INC. COMPUTATION OF EARNINGS PER SHARE 1995 1994 1993 ----------- ----------- ----------- Computation of Fully Diluted Earnings per Share from Continuing Operations: Income: Income from continuing operations $79,304,000 $58,261,000 $42,793,000 Add: Convertible obligation interest, net of tax 5,729,000 6,315,000 4,016,000 ----------- ----------- ----------- Income from continuing operations applicable to common stock assuming full dilution (a) $85,033,000 $64,576,000 $46,809,000 ----------- ----------- ----------- Shares: Weighted average shares outstanding 90,577,966 88,173,053 84,205,613 Add: Shares issuable from assumed conversion of convertible obligations 15,503,734 17,539,251 12,355,881 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 870,643 410,542 685,021 ----------- ----------- ----------- Weighted average shares outstanding, as adjusted (b) 106,952,343 106,122,846 97,246,515 ----------- ----------- ----------- Fully Diluted Earnings per Share from Continuing Operations (a) / (b) $ .80 $ .61 $ .48 =========== =========== =========== PAGE Exhibit 11 THERMO INSTRUMENT SYSTEMS INC. COMPUTATION OF EARNINGS PER SHARE (continued) 1995 1994 1993 ----------- ----------- ----------- Computation of Fully Diluted Earnings per Share: Income: Net income $79,306,000 $60,220,000 $44,764,000 Add: Convertible obligation interest, net of tax 5,729,000 6,315,000 4,016,000 ----------- ----------- ----------- Income applicable to common stock assuming full dilution (a) $85,035,000 $66,535,000 $48,780,000 ----------- ----------- ----------- Shares: Weighted average shares outstanding 90,577,966 88,173,053 84,205,613 Add: Shares issuable from assumed conversion of convertible obligations 15,503,734 17,539,251 12,355,881 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 870,643 410,542 685,021 ----------- ----------- ----------- Weighted average shares outstanding, as adjusted (b) 106,952,343 106,122,846 97,246,515 ----------- ----------- ----------- Fully Diluted Earnings per Share (a) / (b) $ .80 $ .63 $ .50 =========== =========== ===========