EXHIBIT 11.1

ESPEY MFG. & ELECTRONICS CORP.

Computation of per Share Net Income

Five years ended June 30,

	2019		2018		2017		2016		2015
Computation of net income
per share:
BASIC
Weighted average
number of primary
shares outstanding		2,372,945		2,333,885		2,312,870		2,285,686		2,271,426
Net income	$	2,342,694	$	3,075,797	$	1,135,736	$	3,175,801	$	3,183,127
Per share-basic	$	0.99	$	1.32	$	0.49	$	1.39	$	1.40
DILUTED
Weighted average
number of primary
shares outstanding		2,389,228		2,348,307		2,324,838		2,302,034		2,290,542
Net effect of
dilutive stock
options based on
treasury stock
method		16,283		14,422		11,968		16,348		19,116
Net income	$	2,342,694	$	3,075,797	$	1,135,736	$	3,175,801	$	3,183,127
Per share-diluted	$	0.98	$	1.31	$	0.49	$	1.38	$	1.39

33