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EXHIBIT 11
GALILEO CORPORATION
CALCULATION OF EARNINGS PER SHARE
Three Months Ended Six Months Ended
March 31, March 31,
1997 1996 1997 1996
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Primary
Average shares outstanding 6,847,442 6,793,294 6,841,887 6,778,352
Net effect of dilutive stock options - based
on the treasury stock method using
average market price -- 141,026 -- 121,267
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Total 6,847,442 6,934,320 6,841,887 6,899,619
============================ ============================
Net income (loss) $(7,378,000) $ 827,000 $(8,544,000) $2,351,000
Per share amount $ (1.08) $ 0.12 $ (1.25) $ 0.34
Fully Diluted
Average shares outstanding 6,847,442 6,793,294 6,841,887 6,778,352
Net effect of dilutive stock options - based
on the treasury stock method using the
quarter-end market price, if higher than
average market price -- 158,497 -- 129,955
---------------------------- ----------------------------
Total 6,847,442 6,951,791 6,841,887 6,908,307
============================ ============================
Net income (loss) $(7,378,000) $ 827,000 $(8,544,000) $2,351,000
Per share amount $ (1.08) $ 0.12 $ (1.25) $ 0.34
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