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EXHIBIT 11
ENGINEERED SUPPORT SYSTEMS, INC.
STATEMENT RE: COMPUTATION OF NET INCOME PER SHARE
Three Months Ended Nine Months Ended
July 31 July 31
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1997 1996 1997 1996
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NET INCOME $1,297,657 $ 916,394 $3,198,793 $2,119,430
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NET INCOME PER SHARE
Average shares outstanding 3,150,989 3,098,075 3,170,092 3,035,894
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Net income $ .41 $ .30 $1.01 $ .70
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PRIMARY EARNINGS PER SHARE
Average shares outstanding 3,150,989 3,098,075 3,170,092 3,035,894
Net effect of dilutive
stock options<F1> 135,583 171,881 126,619 204,992
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3,286,572 3,269,956 3,296,711 3,240,886
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Net income $ .39 $ .28 $ .97 $ .65
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FULLY DILUTED EARNINGS PER SHARE
Average shares outstanding 3,150,989 3,098,075 3,170,092 3,035,894
Net effect of dilutive stock
options<F1> 151,348 171,706 160,338 214,328
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3,302,337 3,269,781 3,330,430 3,250,222
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Net income $ .39 $ .28 $ .96 $ .65
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<FN>
<F1> Based on the treasury stock method.
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