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                Nine Months Ended
                                   _____________  _____________     _____________  _____________

                                   Jul. 28, 1995  Jul. 29, 1994     Jul. 28, 1995  Jul. 29, 1994
                                   _____________  _____________     _____________  _____________
Number of shares

   Weighted average outstanding 
   common                             $ 7,194       $ 7,386            $ 7,191        $ 7,396

   Dilutive common stock 
   equivalents of:
     Stock options (treasury 
     stock method) (1)                    ---           238                425            392
                                      _______       _______            _______        _______

                                        7,194         7,624              7,616          7,788
                                      _______       _______            _______        _______
                                      _______       _______            _______        _______
  
Net income                            $(1,202)      $   567            $    88        $ 1,505 
                                      _______       _______            _______        _______
                                      _______       _______            _______        _______

Net income per share                  $  (.17)      $   .07            $   .01        $   .19
                                      _______       _______            _______        _______
                                      _______       _______            _______        _______
 
(1) Effect of assumed exercised all dilutive stock options and assumed repurchase
of shares from proceeds. Common equivalent shares from stock options are excluded from the
computation for the three months ended July 28, 1995 as their effect is anti-dilutive.

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