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EXHIBIT 11
GALILEO CORPORATION
CALCULATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
June 30, June 30,
1997 1996 1997 1996
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Primary
Average shares outstanding 6,854,668 6,806,159 6,846,147 6,787,587
Net effect of dilutive stock
options - based on the treasury
stock method using average market price -- 196,611 -- 146,290
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Total 6,854,668 7,002,770 6,846,147 6,933,877
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Net income (loss) (1,513,000) 1,759,000 (10,057,000) 4,110,000
Per share amount (0.22) 0.25 (1.47) 0.59
Fully Diluted
Average shares outstanding 6,854,668 6,806,159 6,846,147 6,787,587
Net effect of dilutive stock options - based
on the treasury stock method using the
quarter-end market price, if higher than
average market price -- 199,622 -- 147,290
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Total 6,854,668 7,005,781 6,846,147 6,934,877
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Net income (loss) (1,513,000) 1,759,000 (10,057,000) 4,110,000
Per share amount (0.22) 0.25 (1.47) 0.59