EXHIBIT 11.1

ESPEY MFG. & ELECTRONICS CORP.

Computation of per Share Net Income

Five years ended June 30,

	2013		2012		2011		2010		2009
Computation of net income
per share:
BASIC
Weighted average
number of primary
shares outstanding		2,206,937		2,172,589		2,151,443		2,129,417		2,107,643
Net income	$	5,562,425	$	4,390,268	$	3,857,537	$	3,564,962	$	2,733,240
Per share-basic	$	2.52	$	2.02	$	1.79	$	1.67	$	1.30
DILUTED
Weighted average
number of primary
shares outstanding		2,242,648		2,203,060		2,176,299		2,137,799		2,113,798
Net effect of
dilutive stock
options based on
treasury stock
method		35,711		30,471		24,856		8,382		6,155
Net income	$	5,562,425	$	4,390,268	$	3,857,537	$	3,564,962	$	2,733,240
Per share-diluted	$	2.48	$	1.99	$	1.77	$	1.67	$	1.29

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