ENGINEERED SUPPORT SYSTEMS, INC. EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE Year Ended ---------------------------------------------- 1999 1998 1997 ---------- ---------- ---------- NET INCOME $7,309,291 $5,789,381 $4,638,946 ========== ========== ========== BASIC EARNINGS PER SHARE Average basic shares outstanding 5,926,234 4,785,335 4,753,265 ========== ========== ========== Net income $1.23 $1.21 $0.98 ===== ===== ===== DILUTED EARNINGS PER SHARE Average basic shares outstanding 5,926,234 4,785,335 4,753,265 Net effect of dilutive stock options<F1> 155,410 206,118 201,522 ---------- ---------- ---------- Average diluted shares outstanding 6,081,644 4,991,453 4,954,787 ========== ========== ========== Net income $1.20 $1.16 $0.94 ===== ===== ===== <FN> <F1> Based on the treasury stock method NOTE: On June 26, 1998, the Company effected a 3-for-2 stock split in the form of a 50% stock dividend. All share and per share amounts included on this schedule reflect this stock split.