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                                                                      EXHIBIT 11

                      ITT INDUSTRIES, INC. AND SUBSIDIARIES

                        CALCULATION OF EARNINGS PER SHARE

                         (IN MILLIONS, EXCEPT PER SHARE)


                                                                 THREE MONTHS ENDED
                                                                     MARCH 31,
                                                                 -------------------
                                                                    1996    1995
                                                                   -----   -----
                                                                       
       PRIMARY BASIS --
    Net income ..................................................   $ 40   $ 228
    ESOP preferred dividends -- net of tax ......................    --       (8)
                                                                    ----   -----
    Net income applicable to primary earnings per share .........   $ 40   $ 220
                                                                    ----   -----
    Average common shares outstanding ...........................    117     106
    Common shares issuable in respect to common stock equivalents      3       1
                                                                    ----   -----
    Average common equivalent shares ............................    120     107
                                                                    ----   -----
Earnings Per Share
    Continuing operations .......................................   $.33   $ .34
    Discontinued operations .....................................    --     1.71
                                                                    ----   -----
    Net income ..................................................   $.33   $2.05
                                                                    ====   =====

FULL DILUTED BASIS --
    Net income applicable to primary earnings per share .........   $ 40   $ 220
    ESOP preferred dividends -- net of tax ......................    --        8
    If converted ESOP expense adjustment -- net of tax benefit ..    --       (4)
                                                                    ----   -----
    Net income applicable to fully diluted earnings per share ...   $ 40   $ 224
                                                                    ----   -----
    Average common equivalent shares ............................    120     107
    Additional common shares issuable assuming full dilution ....    --       10
                                                                    ----   -----
    Average common equivalent shares assuming full dilution .....    120     117
                                                                    ----   -----
Earnings Per Share
    Continuing operations .......................................   $.33   $ .34
    Discontinued operations .....................................    --     1.57
                                                                    ----   -----
    Net income ..................................................   $.33   $1.91
                                                                    ====   =====



        In 1995, the Series N convertible preferred stock was considered a
common stock equivalent. With respect to options, it is assumed that the
proceeds to be received upon exercise are used to acquire common stock of the
Company. The calculation impact of dilutive securities is determined quarterly
based on the forecast of annual earnings.


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