Exhibit 11

                        ITT EDUCATIONAL SERVICES, INC.
          COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
                     (In thousands, except per share data)




                                    Three Months Ended June 30,            Six Months Ended June 30,
                                    ----------------------------          --------------------------
                                       1997               1996              1997               1996
                                       ----               ----              ----               ----
                                                                                 
Net income                            $   805            $   314           $ 7,007            $ 5,149
                                      =======            =======           =======            =======
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                        171                159               177                132
                                      -------            -------           -------            -------
Outstanding shares for primary
  earnings per share calculation       27,171             27,159            27,177             27,132
                                      =======            =======            ======             ======

Earnings per common share:            $  0.03            $  0.01           $  0.26            $  0.19
                                      =======            =======           =======            =======