EXHIBIT 11 TSI Incorporated Computation of Per Share Earnings Three Months Ended June 30 --------------------------- 1998 1997 ----------- ----------- BASIC Weighted average common shares outstanding 11,411,966 11,494,354 ----------- ----------- Net Earnings $ 1,121,950 $ 1,482,254 ----------- ----------- Basic earnings per common share $ .10 $ .13 =========== =========== DILUTED Weighted average common shares outstanding 11,411,966 11,494,354 ----------- ----------- Dilutive effect of employee stock options and purchase awards--based on the treasury stock method 181,695 313,600 ----------- ----------- Weighted average common shares outstanding and dilutive shares 11,593,661 11,807,954 ----------- ----------- Net Earnings $ 1,121,950 $ 1,482,254 ----------- ----------- Diluted earnings per common share $ .10 $ .13 =========== =========== 12