EXHIBIT 11

 
                                ITT EDUCATIONAL SERVICES, INC.
          COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
               (AMOUNTS IN THOUSANDS, EXCEPT EARNINGS PER SHARE)




                                      Three Months Ended September 30,        Nine Months Ended September 30,
                                      --------------------------------        -------------------------------
                                        1996                 1995                   1996              1995
                                      -------              -------                -------           -------
                                                                                        

Net income                            $ 6,670              $ 5,402                $11,819           $ 9,204
                                      =======              =======                =======           =======
Shares:
Weighted average number
   of shares of common
   stock outstanding                   27,000               27,000                 27,000            27,000

Shares assumed issued
  (less shares assumed
  purchased for treasury)
  on stock options                        176                   63                    146                44
                                      -------              -------                -------           -------
Outstanding equivalent shares
  for primary earnings per
  share calculation                    27,176               27,063                 27,146            27,044
                                      =======              =======                =======           =======
Earnings per common share             $   .25              $   .20                $   .44           $   .34
                                      =======              =======                =======           =======





                                  Exhibit 11