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EXHIBIT 11
ENGINEERED SUPPORT SYSTEMS, INC.
STATEMENT RE: COMPUTATION OF NET INCOME PER SHARE
Three Months Ended Six Months Ended
April 30 April 30
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1997 1996 1997 1996
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NET INCOME $1,098,305 $ 717,208 $1,901,136 $1,203,036
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NET INCOME PER SHARE
Average shares outstanding 3,177,412 3,025,947 3,179,802 3,004,461
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Net income $ .35 $ .24 $ .60 $ .40
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PRIMARY EARNINGS PER SHARE
Average shares outstanding 3,177,412 3,025,947 3,179,802 3,004,461
Net effect of dilutive
stock options <F1> 116,088 212,821 122,062 221,730
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3,293,500 3,238,768 3,301,864 3,226,191
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Net income $ .33 $ .22 $ .58 $ .37
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FULLY DILUTED EARNINGS PER SHARE
Average shares outstanding 3,177,412 3,025,947 3,179,802 3,004,461
Net effect of dilutive
stock options <F1> 116,059 230,548 133,710 243,397
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3,293,471 3,256,495 3,313,512 3,247,858
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Net income $ .33 $ .22 $ .57 $ .37
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<FN>
<F1> Based on the treasury stock method.
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