Exhibit 11
ITT EDUCATIONAL SERVICES, INC.
COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE
(In thousands, except per share data)
THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
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1999 1998 1999 1998
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Net income (loss) $ 1,251 $ (660) $ 7,770 $ 6,668
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Shares:
Weighted average number of shares
of common stock outstanding 25,279 27,000 25,668 27,000
Shares assumed issued
less shares assumed purchased
on stock options 151 183 195 163
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Outstanding shares for diluted earnings
per share calculation 151 183 195 163
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Earnings (loss) per common share:
Basic $ 0.05 $ (0.02) $ 0.30 $ 0.25
Diluted $ 0.05 $ (0.02) $ 0.30 $ 0.25