EXHIBIT 11 COMPUTATION OF PER SHARE EARNINGS TSI INCORPORATED AND SUBSIDIARIES Year Ended March 31 Primary 1995 1994 1993 ---- ---- ---- Average shares outstanding 5,151,012 5,083,462 5,173,433 Net effect of dilutive stock options, based on the treasury stock method using average market price 157,159 98,700 93,009 TOTAL 5,308,170 5,182,162 5,266,442 Net Earnings $3,432,079 $3,199,093 $2,344,303 Per Share Amounts $.65 $.62 $.45 Full Diluted Average shares outstanding 5,151,012 5,083,462 5,173,433 Net effect of dilutive stock options, based on the treasury stock method using the year-end market price, if higher than the average market price 175,795 182,451 62,968 TOTAL 5,326,807 5,265,913 5,236,401 Net Earnings $3,432,079 $3,199,093 $2,344,303 Per Share Amounts $.64 $.61 $.45