Exhibit 11

HICKOK INCORPORATED
CONSOLIDATED STATEMENT OF COMPUTATION OF EARNINGS
PER COMMON SHARE AND SHARE EQUIVALENTS

Years Ended September 30,	2004	2003	2002
NET  INCOME
Net income (loss) applicable to common shares for basic earnings per share	$659,770	$(1,773,198)	$244,406
Net income (loss) applicable to common shares for diluted earnings per share	$659,770	$(1,773,198)	$244,406
SHARES OUTSTANDING
Weighted average shares for basic earnings per share	1,218,913	1,219,750	1,219,750
Net effect of dilutive stock options - based on the treasury stock method using year-end market price, if higher than average market price	31,506	-*	21,370
Total shares for diluted earnings per share	1,250,419	1,219,750	1,241,120
Basic Earnings Per Common Share	$.54	$(1.45)	$.20
Diluted Earnings Per Common Share	$.53	$(1.45)	$.20
* Net effect of stock options was antidilutive for the period.