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                                                                   EXHIBIT 11.01
                         FIREARMS TRAINING SYSTEMS, INC.
          STATEMENT REGARDING COMPUTATION OF EARNINGS PER COMMON SHARE
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)


<TABLE>
<CAPTION>
                                            BASIC EARNINGS PER SHARE (1)          DILUTED EARNINGS PER SHARE (1)
                                                 THREE MONTHS ENDED                    THREE MONTHS ENDED
                                                    DECEMBER 31,                           DECEMBER 31,
                                             1998                  1997             1998                1997           
                                            -------               ------          -------              ------  
<S>                                         <C>                  <C>              <C>                  <C>     
Weighted average number of common                                                                               
  shares outstanding                         20,696               20,410           20,696               20,410  
                                                                                                                
Shares issued upon assumed exercise of                                                                          
  outstanding warrants                           --                   --               --                   --  
                                                                                                                
Shares issued upon assumed exercise of                                                                          
  outstanding options                            --                   --               --                  780  
                                                                                                                
Weighted average common and common          -------              -------          -------              -------                
  equivalent shares outstanding              20,696               20,410           20,696               21,190  
                                            =======              =======          =======              =======  
                                                                                                                
Net income (loss) applicable to common                                                                          
  shareholders                              $  (271)             $ 1,651          $  (271)             $ 1,651  
                                            =======              =======          =======              =======  
                                                                                                                
Earnings (loss) per share                   $ (0.01)             $  0.08          $ (0.01)             $  0.08  
                                            =======              =======          =======              =======  
                                                                                                     


<CAPTION>

                                            BASIC EARNINGS PER SHARE (1)          DILUTED EARNINGS PER SHARE (1)
                                                 NINE MONTHS ENDED                    NINE MONTHS ENDED
                                                    DECEMBER 31,                          DECEMBER 31,
                                             1998                  1997             1998                1997           
                                            -------               ------          -------              ------  
<S>                                         <C>                  <C>               <C>                  <C>     
Weighted average number of common
  shares outstanding                         20,678               20,406            20,678              20,406  
                                                                                                                
Shares issued upon assumed exercise of                                                                          
  outstanding warrants                           --                   --                --                  --  
                                                                                                                
Shares issued upon assumed exercise of                                                                          
  outstanding options                            --                   --                --               1,042  
                                                                                                                
Weighted average common and common          -------              -------           -------             -------   
    equivalent shares outstanding            20,678               20,406            20,678              21,448  
                                            =======              =======           =======             =======  
                                                                                                                
Net income (loss) applicable to common                                                                          
  shareholders                              $(3,115)             $ 5,926           $(3,115)            $ 5,926  
                                            =======              =======           =======             =======  
                                                                                                                
Earnings (loss) per share                   $ (0.15)             $  0.29           $ (0.15)            $  0.28  
                                            =======              =======           =======             =======  
                                                                                                        
</TABLE>

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(1)      Shares reflect a 100,000-for-one stock split in July 1996 in connection
         with the recapitalization and a split of 1.66-for-one in October 1996.