Exhibit 11

National Presto Industries, Inc.

The following presents the computation of per share earnings reflecting the assumption that the granted shares under the 1988 Stock Option Plan will be exercised.

(IN THOUSANDS EXCEPT PER SHARE DATA)

	Third Quarter				First Nine Months
	2004		2003		2004		2003
Net Earnings (1)	$	1,989	$	2,078	$	4,877	$	6,049
Weighted average common shares outstanding (2)		6,822		6,817		6,820		6,821
Common share equivalents relating to stock options when dilutive		1		1		1		1
Adjusted common and common equivalent
shares for computation (3)		6,823		6,818		6,821		6,822
Net earnings per share:
Basic (1 divided by 2)	$	0.29	$	0.30	$	0.72	$	0.88
Diluted (1 divided by 3)	$	0.29	$	0.30	$	0.71	$	0.88