The Luminosity Function of Early-Type Galaxies at z~0.75

We measure the luminosity function of morphologically selected E/S0 galaxies from $z=0.5$ to $z=1.0$ using deep high resolution Advanced Camera for Surveys imaging data. Our analysis covers an area of $48\Box\arcmin$ (8$\times$ the area of the HDF-N) and extends 2 magnitudes deeper ($I\sim24$ mag) than was possible in the Deep Groth Strip Survey (DGSS). At $0.5<z<0.75$, we find $M_B^*-5\log h_{0.7}=-21.1\pm0.3$ and $\alpha=-0.53\pm0.2$, and at $0.75<z<1.0$, we find $M_B^*-5\log h_{0.7}=-21.4\pm0.2$. These luminosity functions are similar in both shape and number density to the luminosity function using morphological selection (e.g., DGSS), but are much steeper than the luminosity functions of samples selected using morphological proxies like the color or spectral energy distribution (e.g., CFRS, CADIS, or COMBO-17). The difference is due to the `blue', $(U-V)_0<1.7$, E/S0 galaxies, which make up to $\sim30%$ of the sample at all magnitudes and an increasing proportion of faint galaxies. We thereby demonstrate the need for {\it both morphological and structural information} to constrain the evolution of galaxies. We find that the `blue' E/S0 galaxies have the same average sizes and Sersic parameters as the `red', $(U-V)_0>1.7$, E/S0 galaxies at brighter luminosities ($M_B<-20.1$), but are increasingly different at fainter magnitudes where `blue' galaxies are both smaller and have lower Sersic parameters. Fits of the colors to stellar population models suggest that most E/S0 galaxies have short star-formation time scales ($\tau<1$ Gyr), and that galaxies have formed at an increasing rate from $z\sim8$ until $z\sim2$ after which there has been a gradual decline.