EX-11 3 j9902_ex11.htm EX-11

Exhibit 11

 

ITT EDUCATIONAL SERVICES, INC.

COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE

(In thousands, except per share data)

 

 

 

Three Months Ended March 31,

 

 

 

2003

 

2002

 

 

 

 

 

 

 

Net income

 

$

8,682

 

$

6,407

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

Weighted average number of shares of common stock outstanding (a)

 

45,014

 

46,148

 

 

 

 

 

 

 

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

 

1,028

 

1,094

 

 

 

 

 

 

 

Outstanding shares for diluted earnings per share calculation (a)

 

46,042

 

47,242

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

Basic

 

$

0.19

 

$

0.14

 

Diluted

 

$

0.19

 

$

0.14

 

 

(a)                                  The number of shares in all prior periods have been restated to reflect the two-for-one stock split declared on May 10, 2002 that became effective on June 6, 2002.