EXHIBIT 11.1

ESPEY MFG. & ELECTRONICS CORP.

Computation of per Share Net Income

Five years ended June 30,

	2012		2011		2010		2009		2008
Computation of net income
per share:
BASIC
Weighted average
number of primary
shares outstanding		2,172,589		2,151,443		2,129,417		2,107,643		2,079,734
Net income	$	4,390,268	$	3,857,537	$	3,564,962	$	2,733,240	$	3,421,869
Per share-basic	$	2.02	$	1.79	$	1.67	$	1.30	$	1.65
DILUTED
Weighted average
number of primary
shares outstanding		2,203,060		2,176,299		2,137,799		2,113,798		2,103,836
Net effect of
dilutive stock
options based on
treasury stock
method		30,471		24,856		8,382		6,155		24,102
Net income	$	4,390,268	$	3,857,537	$	3,564,962	$	2,733,240	$	3,421,869
Per share-diluted	$	1.99	$	1.77	$	1.67	$	1.29	$	1.63

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