EXHIBIT 11.1

ESPEY MFG. & ELECTRONICS CORP.

Computation of per Share Net Income

Five years ended June 30,

	2020		2019		2018		2017		2016
Computation of net income
per share:
BASIC
Weighted average
number of primary
shares outstanding		2,393,207		2,372,945		2,333,885		2,312,870		2,285,686
Net income	$	1,163,668	$	2,342,694	$	3,075,797	$	1,135,736	$	3,175,801
Per share-basic	$	0.49	$	0.99	$	1.32	$	0.49	$	1.39
DILUTED
Weighted average
number of primary
shares outstanding		2,396,618		2,389,228		2,348,307		2,324,838		2,302,034
Net effect of
dilutive stock
options based on
treasury stock
method		3,411		16,283		14,422		11,968		16,348
Net income	$	1,163,668	$	2,342,694	$	3,075,797	$	1,135,736	$	3,175,801
Per share-diluted	$	0.49	$	0.98	$	1.31	$	0.49	$	1.38

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