EX-11 3 dex11.htm STATEMENT RE COMPUTATION OF PER SHARE EARNINGS Statement re Computation of Per Share Earnings

Exhibit 11

 

 

ITT EDUCATIONAL SERVICES, INC.

COMPUTATION OF BASIC AND DILUTED EARNINGS PER SHARE

(In thousands, except per share data)

 

     2004
    2003
    2002

Net income

    $ 75,263    $ 58,858    $ 43,854
    
  
  

Shares:

                     

Weighted average number of shares

    of common stock outstanding (a)

      45,791      45,086      45,736

Shares assumed issued

    (less shares assumed purchased

    for treasury) on stock options (a)

      1,017      1,194      1,057
    
  
  

Outstanding shares for diluted

    earnings per share calculation (a)

      46,808      46,280      46,793
    
  
  

Earnings per common share (a):

                     

Basic

    $ 1.61    $ 1.31    $ 0.96

Diluted

    $ 1.64    $ 1.27    $ 0.94
(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.