EXHIBIT 11


                            GENCOR INDUSTRIES, INC.
 
                      COMPUTATIONS OF EARNINGS PER SHARE
 
 
 
 
                                                                  Three Months Ended
                                                                      December 31,
                                                            ------------------------------
                                                                1997               1996
                                                            -----------         ----------  
                                                           
Basic earnings per share                                   
- ------------------------
Net income                                                  $1,774,000         $  282,000
                                                            ==========         ==========
                                                                           
Average number of shares outstanding                         4,155,934          3,714,678
                                                            ==========         ==========
                                                                           
Net income per share                                        $     0.43         $     0.08
                                                            ==========         ==========
                                                                           
                                                                           
                                                                           
Diluted earnings per share                                                 
- --------------------------                                                 
                                                                           
Average number of shares outstanding                         4,155,934          3,714,678
Add dilutive effect of outstanding options (as determined                  
  by the application of the treasury stock method)             778,710            261,088
                                                            ----------         ----------
Average number of shares outstanding, as adjusted            4,934,644          3,975,766
                                                            ==========         ==========
                                                                           
Net income per share                                        $     0.36         $     0.07
                                                            ==========         ==========