EX-11 5 a04-11793_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,

 

 

 

2004

 

2003

 

2004

 

2003

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

18,460

 

$

15,841

 

$

41,466

 

$

34,368

 

 

 

 

 

 

 

 

 

 

 

Shares:

 

 

 

 

 

 

 

 

 

Weighted average number of shares of common stock outstanding

 

45,871

 

45,119

 

45,735

 

44,988

 

 

 

 

 

 

 

 

 

 

 

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

 

872

 

1,296

 

1,024

 

1,138

 

 

 

 

 

 

 

 

 

 

 

Outstanding shares for diluted earnings per share calculation

 

46,743

 

46,415

 

46,759

 

46,126

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.40

 

$

0.35

 

$

0.91

 

$

0.76

 

Diluted

 

$

0.39

 

$

0.34

 

$

0.89

 

$

0.75