National Presto Industries, Inc.
                                   Exhibit 11


The following presents the computation of per share earnings reflecting the
assumption that the granted shares under the 1988 Stock Option Plan will be
exercised.

(IN THOUSANDS EXCEPT PER SHARE DATA)
                                                         First Quarter
                                                      ------------------
                                                        2003       2002
                                                      -------    -------
Net Earnings (loss)(1)                                $ 2,053    $(2,360)
                                                      =======    =======

Weighted average common shares outstanding(2)           6,830      6,837

Common share equivalents relating to stock options          1         --
                                                      -------    -------
Adjusted common and common equivalent
   shares for computation(3)                            6,831      6,837
                                                      =======    =======

Net earnings (loss) per share:
     Basic (1 divided by 2)                           $  0.30    $ (0.35)
                                                      =======    =======
     Diluted (1 divided by 3)                         $  0.30    $ (0.35)
                                                      =======    =======