EXHIBIT 11 TSI Incorporated Computation of Per Share Earnings Three Months Ended Sept. 30, Six Months Ended Sept. 30 ----------------------------- ------------------------- 1996 1995 1996 1995 ----------- ----------- ----------- ----------- Primary Average shares outstanding 11,372,186 10,496,760 11,229,319 10,464,908 Net effect of dilutive stock options, based on the treasury stock method using average market price 434,371 389,952 444,637 360,956 ----------- ----------- ----------- ----------- Total 11,806,557 10,886,712 11,673,956 10,825,864 Net Earnings $ 1,609,300 $ 750,844 $ 3,482,246 1,494,946 Primary per share amounts $ .14 $ .07 $ .30 $ .14 Fully Diluted Average shares 11,372,186 10,496,760 11,229,319 10,464,908 Net effect of dilutive stock options, based on the treasury stock method using the period-end market price, if higher than the average market price 438,053 448,450 446,748 465,478 ----------- ----------- ----------- ----------- Total 11,810,239 10,945,210 11,676,067 10,930,386 Net Earnings $ 1,609,300 $ 750,844 $ 3,482,246 $ 1,494,946 Fully diluted per share amounts $ .14 $ .07 $ .30 $ .14