EXHIBIT 11.1

ESPEY MFG. & ELECTRONICS CORP.

Computation of per Share Net Income

Five years ended June 30,

	2017		2016		2015		2014		2013
Computation of net income
per share:
BASIC
Weighted average
number of primary
shares outstanding		2,312,870		2,285,686		2,271,426		2,245,222		2,206,937
Net income	$	1,135,736	$	3,175,801	$	3,183,127	$	1,167,885	$	5,562,425
Per share-basic	$	0.49	$	1.39	$	1.40	$	0.52	$	2.52
DILUTED
Weighted average
number of primary
shares outstanding		2,324,838		2,302,034		2,290,542		2,285,535		2,242,648
Net effect of
dilutive stock
options based on
treasury stock
method		11,968		16,348		19,116		40,313		35,711
Net income	$	1,135,736	$	3,175,801	$	3,183,127	$	1,167,885	$	5,562,425
Per share-diluted	$	0.49	$	1.38	$	1.39	$	0.51	$	2.48

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