THE GAP, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE Thirteen Weeks Ended Twenty-six Weeks Ended August 3, 1996 July 29, 1995 August 3, 1996 July 29, 1995 Net earnings ($000) $ 65,790 $32,414 $ 147,363 $82,527 Weighted average shares of common stock outstanding during the period 286,179,138 288,233,222 287,092,901 287,988,160 Add incremental shares from assumed exercise of stock options (primary) 3,979,454 603,182 3,689,245 468,704 290,158,592 288,836,404 290,782,146 288,456,864 Primary earnings per share $ 0.23 $ 0.11 $ 0.51 $ 0.28 Weighted average shares of common stock outstanding during the period 286,179,138 288,233,222 287,092,901 287,988,160 Add incremental shares from assumed exercise of stock options (fully-diluted) 4,034,292 812,982 4,137,765 573,570 290,213,430 289,046,204 291,230,666 288,561,730 Fully-diluted earnings per share $ 0.23 $ 0.11 $ 0.51 $ 0.28 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 basis 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.