Exhibit 11



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




                                    Three Months Ended September 30,  Nine Months Ended September 30,
                                    --------------------------------  -------------------------------
                                             1997             1996             1997            1996
                                             ----             ----             ----            ----
                                                                                   

Net income                                  $ 8,258          $ 6,670          $15,265         $11,819
                                            =======          =======          =======         =======
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                               172              176              175             146
                                            -------          -------          -------         -------
Outstanding shares for primary
 earnings per share calculation              27,172           27,176           27,175          27,146
                                            =======          =======          =======         =======

Earnings per common share:                  $  0.30          $  0.25          $  0.56         $  0.44
                                            =======          =======          =======         =======