Papa John's International (PZZA) 10-Q 2002 Q2 Quarterly report

Exhibit 11 - Calculation of Earnings per Share

	Three Months Ended				Six Months Ended
(In thousands, except per share amounts)	June 30, 2002		July 1, 2001		June 30, 2002		July 1, 2001
Basic Earnings per Share:
Net Income	$	12,387	$	12,513	$	25,258	$	25,266
Weighted average shares outstanding	20,656		22,494		21,009		22,651
Basic earnings per share	$	0.60	$	0.56	$	1.20	$	1.12
Diluted Earnings per Share:
Net Income	$	12,387	$	12,513	$	25,258	$	25,266
Weighted average shares outstanding	20,656		22,494		21,009		22,651
Dilutive effect of outstanding common stock options	332		185		256		139
Diluted weighted average shares outstanding	20,988		22,679		21,265		22,790
Diluted earnings per share	$	0.59	$	0.55	$	1.19	$	1.11