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ENGINEERED SUPPORT SYSTEMS, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF NET INCOME PER SHARE
Year Ended October 31
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1996 1995 1994
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NET INCOME $3,314,208 $2,473,062 $ 755,316
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NET INCOME PER SHARE
Average shares outstanding 3,061,905 3,035,582 3,322,486
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Net income $1.08 $.81 $.23
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PRIMARY EARNINGS PER SHARE
Average shares outstanding 3,061,905 3,035,582 3,322,486
Net effect of dilutive stock options<F1> 191,391 228,294 211,080
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3,253,296 3,263,876 3,533,566
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Net income $1.02 $.76 $.21
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FULLY DILUTED EARNINGS PER SHARE
Average shares outstanding 3,061,905 3,035,582 3,322,486
Net effect of dilutive stock options<F1> 216,098 266,992 216,987
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3,278,003 3,302,574 3,539,473
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Net income $1.01 $.75 $.21
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<FN>
<F1>Based on the treasury stock method
1996, 1995 and 1994 net income per share, as presented in the consolidated
financial statements, is based on the fully diluted weighted average number of
common and common equivalent shares outstanding.