EXHIBIT 11.1

ESPEY MFG. & ELECTRONICS CORP.

Computation of per Share Net (Loss) Income

Five years ended June 30,

	2021			2020		2019		2018		2017
Computation of net (loss) income
per share:
BASIC
Weighted average
number of primary
shares outstanding		2,406,345			2,393,207		2,372,945		2,333,885		2,312,870
Net (loss) income	$	(181,543	)	$	1,163,668	$	2,342,694	$	3,075,797	$	1,135,736
Per share-basic	$	(.08	)	$	0.49	$	0.99	$	1.32	$	0.49
DILUTED
Weighted average
number of primary
shares outstanding		2,406,345			2,396,618		2,389,228		2,348,307		2,324,838
Net effect of
dilutive stock
options based on
treasury stock
method		—			3,411		16,283		14,422		11,968
Net (loss) income	$	(181,543	)	$	1,163,668	$	2,342,694	$	3,075,797	$	1,135,736
Per share-diluted	$	(.08	)	$	0.49	$	0.98	$	1.31	$	0.49

35