Exhibit 11 THERMO INSTRUMENT SYSTEMS INC. Computation of Earnings per Share 1996 1995 1994 ------------------------------------------------------------------------------ Computation of Fully Diluted Earnings per Share from Continuing Operations: Income: Income from continuing operations $132,751,000 $ 79,304,000 $ 58,261,000 Add: Convertible obligation interest, net of tax 5,288,000 5,729,000 6,315,000 ------------ ------------ ------------ Income from continuing operations applicable to common stock assuming full dilution (a) $138,039,000 $ 85,033,000 $ 64,576,000 ------------ ------------ ------------ Shares: Weighted average shares outstanding 95,085,318 90,577,966 88,173,053 Add: Shares issuable from assumed conversion of convertible obligations 12,233,650 15,503,734 17,539,251 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 992,648 870,643 410,542 ------------ ------------ ------------ Weighted average shares outstanding, as adjusted (b) 108,311,616 106,952,343 106,122,846 ------------ ------------ ------------ Fully Diluted Earnings per Share from Continuing Operations (a) / (b) $ 1.27 $ .80 $ .61 ============ ============ ============ PAGE Exhibit 11 THERMO INSTRUMENT SYSTEMS INC. Computation of Earnings per Share (continued) 1996 1995 1994 ------------------------------------------------------------------------------ Computation of Fully Diluted Earnings per Share: Income: Net income $132,751,000 $ 79,306,000 $ 60,220,000 Add: Convertible obligation interest, net of tax 5,288,000 5,729,000 6,315,000 ------------ ------------ ------------ Income applicable to common stock assuming full dilution (a) $138,039,000 $ 85,035,000 $ 66,535,000 ------------ ------------ ------------ Shares: Weighted average shares outstanding 95,085,318 90,577,966 88,173,053 Add: Shares issuable from assumed conversion of convertible obligations 12,233,650 15,503,734 17,539,251 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 992,648 870,643 410,542 ------------ ------------ ------------ Weighted average shares outstanding, as adjusted (b) 108,311,616 106,952,343 106,122,846 ------------ ------------ ------------ Fully Diluted Earnings per Share (a) / (b) $ 1.27 $ .80 $ .63 ============ ============ ============