EXHIBIT 11
TSI Incorporated
Computation of Per Share Earnings
Three Months Ended Six Months Ended
September 30 September 30
1999 1998 1999 1998
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BASIC
Weighted average common
shares outstanding 11,293,630 11,385,895 11,238,138 11,398,859
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Net Earnings $ 2,675,593 $ 2,356,057 $ 5,011,738 $ 3,478,007
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Basic earnings per common
share $ .24 $ .21 $ .45 $ .31
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DILUTED
Weighted average common
shares outstanding 11,293,630 11,385,894 11,238,138 11,398,859
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Dilutive effect of employee
stock options and purchase
awards--based on the
treasury stock method 337,796 167,081 281,864 175,093
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Weighted average common
shares outstanding and
dilutive shares 11,631,426 11,552,975 11,520,002 11,573,952
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Net Earnings $ 2,675,593 $ 2,356,057 $ 5,011,738 $ 3,478,007
----------- ----------- ----------- -----------
Diluted earnings per common
share $ .23 $ .20 $ .44 $ .30
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