Exhibit 11


HICKOK INCORPORATED
CONSOLIDATED STATEMENT OF COMPUTATION OF EARNINGS
PER COMMON SHARE AND SHARE EQUIVALENTS



Years Ended September 30,
2015
2014
2013




NET INCOME



Net income (loss) applicable to common shares for basic earnings per share
$(122,377)
$8,376
$138,805




Net Income (loss) applicable to common shares for diluted earnings per share
$(122,377)
$8,376
$138,805












SHARES OUTSTANDING



Weighted average shares for basic earnings per share
1,638,215
1,638,215
1,610,571




Net effect of dilutive options available under convertible note - based on the treasury stock method using year-end market price, if higher than average market price
        *
   31,097
  23,505




Total shares for diluted earnings per share
1,638,215
1,669,312
1,634,076








Basic Earnings Per Common Share
$(.07)
$.01
$.09








Diluted Earnings Per Common Share
$(.07)
$.01
$.08








* Net effect of stock options was antidilutive for the period.