EXHIBIT 11 MICROSEMI CORPORATION AND SUBSIDIARIES EARNINGS PER SHARE FOR EACH OF THE THREE FISCAL YEARS IN THE PERIOD ENDED SEPTEMBER 28, 1997 1997 1996 1995 ------- ------ ------ (IN THOUSANDS, EXCEPT PER SHARE DATA) PRIMARY Net income................................................ $11,051 $8,100 $6,053 ======= ====== ====== Equivalent shares outstanding............................. 8,574 7,860 7,789 Equivalent shares from stock options...................... 361 428 424 ------- ------ ------ Primary common and common equivalent shares............... 8,935 8,288 8,213 ======= ====== ====== Primary earnings per share................................ $ 1.24 $ 0.98 $ 0.74 ======= ====== ====== FULLY DILUTED Net income................................................ $11,051 $8,100 $6,053 Interest savings from conversion of long term debt........ 1,244 1,297 1,334 ------- ------ ------ Fully diluted net income.................................. $12,295 $9,397 $7,387 ======= ====== ====== Equivalent shares outstanding............................. 8,574 7,868 7,789 Equivalent shares from stock options...................... 380 428 549 Convertible shares........................................ 3,016 3,509 3,523 ------- ------ ------ Fully diluted common and common equivalent shares......... 11,970 11,805 11,861 ======= ====== ====== Fully diluted earnings per share.......................... $ 1.03 $ 0.80 $ 0.62 ======= ====== ======