EXHIBIT 11
TSI Incorporated
Computation of Per Share Earnings
Three Months Ended Six Months Ended
June 30, 1997 September 30, 1997
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1997 1996 1997 1996
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Primary
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Average shares outstanding 11,529,903 11,372,186 11,512,226 11,229,319
Net effect of dilutive stock
options, based on the treasury
stock method using average
market price 274,004 434,371 285,099 444,637
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Total 11,803,907 11,806,557 11,797,325 11,673,956
Net Earnings $ 1,770,616 $ 1,609,300 $ 3,252,870 $ 3,482,246
Primary per share amounts $ .15 $ .14 $ .28 $ .30
Fully Diluted
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Average shares 11,529,903 11,372,186 11,512,226 11,229,319
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 271,115 438,053 285,487 446,748
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Total 11,801,018 11,810,239 11,797,713 11,676,067
Net Earnings $ 1,770,616 $ 1,609,300 $ 3,252,870 $ 3,482,246
Fully diluted per share amounts $ .15 $ .14 $ .28 $ .30