Exhibit 11 THERMO VOLTEK CORP. Computation of Earnings per Share December 28, December 30, December 31, 1996 1995 1994 ------------ ------------ ------------ Computation of Primary Earnings per Share: Net Income (a) $ 4,469,000 $ 2,672,000 $ 1,118,000 ----------- ----------- ----------- Shares: Weighted average shares outstanding 8,826,578 6,528,167 5,995,380 Add: Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) - 202,728 - ----------- ----------- ----------- Weighted average shares outstanding, as adjusted (b) 8,826,578 6,730,895 5,995,380 ----------- ----------- ----------- Primary Earnings per Share (a) / (b) $ .51 $ .40 $ .19 =========== =========== =========== PAGE Exhibit 11 THERMO VOLTEK CORP. Computation of Earnings per Share (continued) December 28, December 30, December 31, 1996 1995 1994 ------------ ------------ ------------ Computation of Fully Diluted Earnings per Share: Income: Net income $ 4,469,000 $ 2,672,000 $ 1,118,000 Add: Convertible debt interest, net of tax 731,000 1,123,000 1,200,000 ----------- ----------- ----------- Income applicable to common stock assuming dilution (c) $ 5,200,000 $ 3,795,000 $ 2,318,000 ----------- ----------- ----------- Shares: Weighted average shares outstanding 8,826,578 6,528,167 5,995,380 Add: Shares issuable from assumed conversion of subordinated convertible obligations 4,553,469 6,781,601 7,220,270 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 256,368 231,118 152,194 ----------- ----------- ----------- Weighted average shares outstanding, as adjusted (d) 13,636,415 13,540,886 13,367,844 ----------- ----------- ----------- Fully Diluted Earnings per Share (c) / (d) $ .38 $ .28 $ .17 =========== =========== ===========