Form 10-Q

Applied Signal Technology, Inc.

Index to Exhibits

Exhibits

Incorporated by reference to corresponding exhibit to Registrants' Registration Statement on Form S-1, filed January 29, 1993 (File No. 33-58168).

(11) Statement re Computation of per share earnings

Applied Signal Technology, Inc.
Exhibit 11

Computation of Net Income Per Share

(In thousands except per share data)

                                                       Three Months Ended
                                                  ___________________________________

                                                  January 27, 1995   January 28, 1994
                                                  ________________   ________________
Number of shares

     Weighted average outstanding common               $ 7,392          $ 7,073

     Dilutive common stock equivalents of:
       Stock options (treasury stock method) (1)           259              742
                                                       _______          _______

                                                         7,651            7,815
                                                       _______          _______
                                                       _______          _______

Net income                                             $ 1,020          $   559
                                                       _______          _______
                                                       _______          _______
Net income per share                                   $  0.13          $  0.07
                                                       _______          _______
                                                       _______          _______

(1) Effect of assumed exercised all dilutive stock options and assumed repurchase
of shares from proceeds.

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