1
EXHIBIT 11
ENGINEERED SUPPORT SYSTEMS, INC.
STATEMENT RE: COMPUTATION OF NET INCOME PER SHARE
Three Months Ended
January 31
-----------------------------
1997 1996
------------ ------------
NET INCOME $ 802,831 $ 485,828
============ ============
NET INCOME PER SHARE
Average shares outstanding 3,182,114 2,983,443
============ ============
Net income $ .25 $ .16
============ ============
PRIMARY EARNINGS PER SHARE
Average shares outstanding 3,182,114 2,983,443
Net effect of dilutive stock options <F1> 127,842 230,445
------------ ------------
3,309,956 3,213,888
============ ============
Net income $ .24 $ .15
============ ============
FULLY DILUTED EARNINGS PER SHARE
Average shares outstanding 3,182,114 2,983,443
Net effect of dilutive stock options <F1> 150,881 237,648
------------ ------------
3,332,995 3,221,091
============ ============
Net income $ .24 $ .15
============ ============
<FN>
<F1> Based on the treasury stock method
10