Exhibit 11
ENGINEERED SUPPORT SYSTEMS, INC.
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
April 30 April 30
---------------------- -----------------------
2005 2004 2005 2004
---- ---- ---- ----
NET INCOME:
Continuing operations $20,093 $18,323 $40,704 $34,066
Discontinued operations (1,048) - (1,048) -
------- ------- ------- -------
$19,045 $18,323 $39,656 $34,066
======= ======= ======= =======
BASIC EARNINGS PER SHARE:
Average basic shares outstanding 41,541 38,883 40,878 38,234
======= ======= ======= =======
Continuing operations $ 0.49 $ 0.47 $ 1.00 $ 0.89
Discontinued operations (0.03) - (0.03) -
------- ------- ------- -------
Total $ 0.46 $ 0.47 $ 0.97 $ 0.89
======= ======= ======= =======
DILUTED EARNINGS PER SHARE:
Average basic shares outstanding 41,541 38,883 40,878 38,234
Net effect of dilutive stock options (1) 1,771 2,904 2,031 3,332
------- ------- ------- -------
Total 43,312 41,787 42,909 41,556
======= ======= ======= =======
Continuing operations $ 0.46 $ 0.44 $ 0.95 $ 0.82
Discontinued operations (0.02) - (0.03) -
------- ------- ------- -------
Total $ 0.44 $ 0.44 $ 0.92 $ 0.82
======= ======= ======= =======
<FN>
(1) Based on the treasury stock method.