<DOCUMENT>
<TYPE>EX-11
<SEQUENCE>3
<FILENAME>dex11.txt
<DESCRIPTION>LIST OF SUBSIDIARIES
<TEXT>
<PAGE>

                                                                      EXHIBIT 11

                           CSP INC. AND SUBSIDIARIES

            BASIC AND DILUTED EARNINGS (LOSS) PER SHARE COMPUTATION
          (Dollars and shares in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                         Fiscal Years Ended
                                                               August
                                                        ----------------------
                                                         2001     2000   1999
                                                        -------  ------ ------
<S>                                                     <C>      <C>    <C>
Net income (loss) per common share--basic:
Net income (loss)...................................... $(2,885) $  675 $1,259
Weighted average common shares outstanding.............   3,527   3,572  3,597
Net income (loss) per common share--basic.............. $ (0.82) $ 0.19 $ 0.35

Net income (loss) per common share--diluted:
Net income (loss)...................................... $(2,885) $  675 $1,259
Weighted average common shares outstanding.............   3,527   3,572  3,597
Add: net additional common shares upon exercise of
 stock options.........................................     --       91     44
                                                        -------  ------ ------
Weighted average common shares outstanding--dilutive...   3,527   3,663  3,641
Net income (loss) per common share--diluted............ $ (0.82) $ 0.18 $ 0.35
</TABLE>

</TEXT>
</DOCUMENT>
