EXHIBIT 11.1

ESPEY MFG. & ELECTRONICS CORP.

Computation of per Share Net Income as

Disclosed in Item 13 of Form 10-K

Five years ended June 30,

	2011		2010		2009		2008		2007
Computation of net income
per share:
BASIC
Weighted average
number of primary
shares outstanding		2,151,443		2,129,417		2,107,643		2,079,734		2,048,626
Net income	$	3,857,537	$	3,564,962	$	2,733,240	$	3,421,869	$	2,544,720
Per share-basic	$	1.79	$	1.67	$	1.30	$	1.65	$	1.24
DILUTED
Weighted average
number of primary
shares outstanding		2,176,299		2,137,799		2,113,798		2,103,836		2,077,664
Net effect of
dilutive stock
options based on
treasury stock
method		24,856		8,382		6,155		24,102		29,038
Net income	$	3,857,537	$	3,564,962	$	2,733,240	$	3,421,869	$	2,544,720
Per share-diluted	$	1.77	$	1.67	$	1.29	$	1.63	$	1.23