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