EX-11 3 a03-4090_1ex11.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 September 30,

 

Nine Months Ended September 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

15,841

 

$

12,101

 

$

34,368

 

$

25,261

 

 

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

 

 

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

 

45,119

 

45,668

 

44,988

 

45,914

 

 

 

 

 

 

 

 

 

 

 

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

 

1,296

 

838

 

1,138

 

1,054

 

 

 

 

 

 

 

 

 

 

 

Outstanding shares for diluted earnings per share calculation (a)

 

46,415

 

46,506

 

46,126

 

46,968

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share (a):

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

$

0.26

 

$

0.76

 

$

0.55

 

Diluted

 

$

0.34

 

$

0.26

 

$

0.75

 

$

0.54

 

 

(a) Earnings per common share and 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.