Exhibit Number 11 Graco Inc. & Subsidiaries Computation of Per Share Earnings<F1> Years Ended (In thousands, except per share amounts) December 30, December 31, December 25, 1994 1993 1992 PRIMARY Net earnings applicable to common stock: Net earnings $ 15,326 $ 9,493 $ 5,301 Less dividends on preferred stock 74 74 75 $ 15,252 $ 9,419 $ 5,226 Average number of common shares and common equivalent shares outstanding: Average number of common shares outstanding 11,539 11,386 11,294 Dilutive effect of stock options computed based on the treasury stock method using average market price 42 79 61 11,581 11,465 11,355 Net earnings per common share and common equivalent share $ 1.32 $ .82 $ .46 FULLY DILUTED Net earnings applicable to common stock: Net earnings $ 15,326 $ 9,493 $ 5,301 Less dividends on preferred stock 74 74 75 $ 15,252 $ 9,419 $ 5,226 Average number of common shares and common equivalent shares outstanding: Average number of common shares outstanding 11,539 11,386 11,294 Dilutive effect of stock options computed based on the treasury stock method using the year end market price, if higher than average market price 49 91 63 11,588 11,477 11,357 Net earnings per common share and common equivalent share $ 1.32 $ .82 $ .46 <F1> 1 All share and per share data has been restated for the three-for-two stock split paid February 2, 1994. 32