Exhibit 11
ITT EDUCATIONAL SERVICES, INC.
COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE
(In thousands, except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
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2000 1999 2000 1999
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Net income $ 7,473 $ 10,050 $ 12,536 $ 17,820
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Shares:
Weighted average number of shares
of common stock outstanding 23,912 24,935 24,147 25,424
Shares assumed issued
(less shares assumed purchased
for treasury) on stock options 234 97 158 162
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Outstanding shares for diluted
earnings per share calculation 24,146 25,032 24,305 25,586
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Earnings per common share:
Basic $ 0.31 $ 0.40 $ 0.52 $ 0.70
Diluted $ 0.31 $ 0.40 $ 0.52 $ 0.70