THE GAP, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE Thirteen Weeks Ended May 4, 1996 April 29, 1995 Net earnings ($000) $ 81,573 $50,113 Weighted average shares of common stock outstanding during the period 288,010,684 287,744,200 Add incremental shares from assumed exercise of stock options (primary) 3,314,299 334,224 291,324,983 288,078,424 Primary earnings per share $ 0.28 $ 0.17 Weighted average shares of common stock outstanding during the period 288,010,684 287,744,200 Add incremental shares from assumed exercise of stock options (fully-diluted) 3,808,505 334,158 291,819,189 288,078,358 Fully-diluted earnings per share $ 0.28 $ 0.17 NOTE: (1) The information provided above is presented in accordance with Regulation S-K, Item 601(b)(11), while net earnings per share on the Consolidated Statements of Earnings is presented in accordance with APB Opinion 15. The information in this exhibit is not required under APB Opinion 15, as the difference between primary and fully- diluted earnings per share and earnings per share calculated on a weighted average share bases is less than 3%. (2) All share and per share data have been restated to reflect the 2- for-1 split of common stock in the form of a stock dividend effective April 10, 1996.