Papa John's International (PZZA) 10-Q 2001 Q2 Quarterly report

Exhibit 11 - Calculation of Earnings per Share

	Three Months Ended				Six Months Ended
(In thousands, except per share amounts)	July 1, 2001		June 25, 2000		July 1, 2001		June 25, 2000
Basic Earnings per Share:
Net Income	$	12,513	$	12,976	$	25,266	$	24,517
Weighted average shares outstanding	22,494		25,276		22,651		26,063
Basic earnings per share	$	0.56	$	0.51	$	1.12	$	0.94
Diluted Earnings per Share:
Net Income	$	12,513	$	12,976	$	25,266	$	24,517
Weighted average shares outstanding	22,494		25,276		22,651		26,063
Dilutive effect of outstanding common stock options	185		266		139		260
Diluted weighted average shares outstanding	22,679		25,542		22,790		26,323
Diluted earnings per share	$	0.55	$	0.51	$	1.11	$	0.93