EX-11 4 a04-2723_1ex11.htm EX-11

Exhibit 11

 

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

 

 

 

2003

 

2002

 

2001

 

 

 

 

 

 

 

 

 

Net income

 

$

58,858

 

$

43,854

 

$

33,714

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

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

 

45,086

 

45,736

 

47,208

 

 

 

 

 

 

 

 

 

Shares assumed issued

 

 

 

 

 

 

 

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

 

1,194

 

1,057

 

1,008

 

 

 

 

 

 

 

 

 

Outstanding shares for diluted
earnings per share calculation (a)

 

46,280

 

46,793

 

48,216

 

 

 

 

 

 

 

 

 

Earnings per common share (a):

 

 

 

 

 

 

 

Basic

 

$

1.31

 

$

0.96

 

$

0.71

 

Diluted

 

$

1.27

 

$

0.94

 

$

0.70

 

 

(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 June 6, 2002.