EXHIBIT 11 ELECTRO SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (thousands of dollars except per share amounts) Number of Shares ---------------- Years Ended May 31, ------------------- 1995 1994 1993 ---- ---- ---- Weighted average number of shares of common stock outstanding 7,510,191 6,332,833 6,145,875 Common stock equivalents: Application of the "treasury stock" method to the stock option plan -- 81,110 -- --------- --------- --------- Weighted average number of shares of common stock equivalents 7,510,191 6,413,943 6,145,875 --------- --------- --------- Net income $ 11,517 $ 7,874 $ 2,244 --------- --------- --------- Net income per share (primary and fully diluted) 1 : $ 1.53 $ 1.23 $ 0.37 --------- --------- --------- <FN> 1. No additional shares related to outstanding options are included in the fully diluted calculation for the years ended May 31, 1995 and 1993, as the differences were insignificant. Page 46 of 48