<PAGE>   1

                                                                   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
                                               SEPTEMBER 30,             SEPTEMBER 30,
                                            1998         1997         1998            1997
                                         ----------   ----------   ----------      ----------
<S>                                    <C>            <C>          <C>             <C>   
Weighted average number of common
  shares outstanding                         20,673       20,406       20,673          20,406

Shares issued upon assumed exercise of
  outstanding options                             -            -            -           1,058

Weighted average common and common       ----------   ----------   ----------      ----------
  equivalent shares outstanding              20,673       20,406       20,673          21,464
                                         ==========   ==========   ==========      ==========
Net income                               $     (826)  $    2,089   $     (826)     $    2,089
                                         ==========   ==========   ==========      ==========
Earnings per share                       $    (0.04)  $     0.10   $    (0.04)     $     0.10
                                         ==========   ==========   ==========      ==========
</TABLE>



<TABLE>
<CAPTION>
                                       BASIC EARNINGS PER SHARE(1) DILUTED EARNINGS PER SHARE(1)
                                             SIX MONTHS ENDED         SIX MONTHS ENDED
                                               SEPTEMBER 30,             SEPTEMBER 30,
                                            1998         1997         1998           1997
                                         ----------   ----------   ----------      ----------
<S>                                    <C>            <C>          <C>             <C>   

Weighted average number of common
  shares outstanding                         20,668       20,405       20,668          20,405

Shares issued upon assumed exercise of
  outstanding options                             -            -            -           1,173

Weighted average common and common       ----------   ----------   ----------      ----------
  equivalent shares outstanding              20,668       20,405       20,668          21,578
                                         ==========   ==========   ==========      ==========
Net income                               $   (2,844)  $    4,275   $   (2,844)     $    4,275
                                         ==========   ==========   ==========      ==========
Earnings per share                       $    (0.14)  $     0.21   $    (0.14)     $     0.20
                                         ==========   ==========   ==========      ==========
</TABLE>

---------

(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.