ENGINEERED SUPPORT SYSTEMS, INC. EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (in thousands, except per share data) Year Ended October 31 2002 2001 2000 - -------------------------------------------------------------------------------------------- NET INCOME $23,533 $18,576 $13,040 ============================================================================================ BASIC EARNINGS PER SHARE Average basic shares outstanding 15,582 14,036 13,161 - -------------------------------------------------------------------------------------------- Net income $ 1.51 $ 1.32 $ .99 ============================================================================================ DILUTED EARNINGS PER SHARE Average basic shares outstanding 15,582 14,036 13,161 Net effect of dilutive stock options(1) 627 1,180 461 - -------------------------------------------------------------------------------------------- Average diluted shares outstanding 16,209 15,216 13,622 - -------------------------------------------------------------------------------------------- Net income $ 1.45 $ 1.22 $ .96 ============================================================================================ <FN> (1) Based on the treasury stock method NOTE: On October 31, 2002, 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. 46