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ENGINEERED SUPPORT SYSTEMS, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF NET INCOME PER SHARE
Year Ended
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1997 1996 1995
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NET INCOME $4,638,946 $3,314,208 $2,473,062
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NET INCOME PER SHARE
Average shares outstanding 3,168,843 3,061,905 3,035,582
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Net income $1.46 $1.08 $.81
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PRIMARY EARNINGS PER SHARE
Average shares outstanding 3,168,843 3,061,905 3,035,582
Net effect of dilutive stock
options<F1> 134,348 191,391 228,294
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3,303,191 3,253,296 3,263,876
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Net income $1.40 $1.02 $.76
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FULLY DILUTED EARNINGS PER SHARE
Average shares outstanding 3,168,843 3,061,905 3,035,582
Net effect of dilutive stock
options<F1> 172,476 216,098 266,992
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3,341,319 3,278,003 3,302,574
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Net income $1.39 $1.01 $.75
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<FN>
<F1> Based on the treasury stock method
1997, 1996 and 1995 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.
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