EX-11 5 j1858_ex11.htm EX-11 Prepared by MERRILL CORPORATION

Exhibit 11

 

ITT EDUCATIONAL SERVICES, INC.

COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE

(In thousands, except per share data)

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2001

 

2000

 

2001

 

2000

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

9,179

 

$

7,473

 

$

19,045

 

$

12,536

 

 

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

 

 

Weighted average number of shares of common stock outstanding

 

23,795

   

23,912

   

23,678

   

24,147

   

 

 

 

 

 

 

 

 

 

 

Shares assumed issued (less shares assumed purchased for treasury) on stock options

 

536

 

234

 

498

 

158

 

 

 

 

 

 

 

 

 

 

 

Outstanding shares for diluted earnings per share calculation

 

24,331

 

24,146

 

24,176

 

24,305

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.39

 

$

0.31

 

$

0.80

 

$

0.52

 

Diluted

 

$

0.38

 

$

0.31

 

$

0.79

 

$

0.52