Exhibit 11

ITT EDUCATIONAL SERVICES, INC.
COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE
(In thousands, except per share data)

 

 

1999

  

1998

  

1997
           

Net income

$23,528

  

$13,941

  

$19,123
 
 
 

Shares:

          

    Weighted average number of shares

          

     of common stock outstanding

25,235

  

27,002

  

27,000
           

Shares assumed issued

          

     (less shares assumed purchased

          

     for treasury) on stock options

145

  

184

  

105
 
 
 

Outstanding shares for diluted

          

     earnings per share calculation

25,380

  

27,186

  

27,105
 
 
 

Earnings per common share:

          

     Basic

$0.93

  

$0.52

  

$0.71

     Diluted

$0.93

  

$0.51

  

$0.71