THE PEP BOYS - MANNY, MOE & JACK AND SUBSIDIARIES Exhibit 11 - Computation of Earnings per Share (in thousands, except per share data) - ---------------------------------------------------------------------------------------------------------------------------------- Fiscal Year 1995 1994 1993 1992 1991 - ---------------------------------------------------------------------------------------------------------------------------------- (a) Earnings before cumulative effect of change in accounting principle................................. $81,494 $80,008 $65,512 $54,579 $38,872 Adjustment for interest on $86,250, 4% convertible subordinated notes, net of income tax effect.............................................. 2,200 - - - - (b) Cumulative effect of change in accounting principle..... - (4,300) - - - - ---------------------------------------------------------------------------------------------------------------------------------- (c) Adjusted net earnings................................... $ 83,694 $75,708 $65,512 $54,579 $38,872 - ---------------------------------------------------------------------------------------------------------------------------------- Average number of common shares outstanding during the year........................................ 59,581 59,252 60,805 59,297 55,675 Common shares assumed issued upon conversion of 4% convertible subordinated notes...................... 2,104 - - - - Common shares assumed issued upon exercise of dilutive stock options, net of assumed repurchase, at the average market price, using the treasury stock method (1).................... 903 1,313 1,086 1,339 819 - ---------------------------------------------------------------------------------------------------------------------------------- (d) Average number of common shares outstanding during the year........................................ 62,588 60,565 61,891 60,636 56,494 - ---------------------------------------------------------------------------------------------------------------------------------- (e) Earnings per share before cumulative effect of change in accounting principle (a/d) $ 1.34 $ 1.32 $ 1.06 $ .90 $ .69 - ---------------------------------------------------------------------------------------------------------------------------------- (f) Cumulative effect of change in accounting principle (b/d) - (.07) - - - - ---------------------------------------------------------------------------------------------------------------------------------- (g) Net earnings per share (c/d) $ 1.34 $ 1.25 $ 1.06 $ .90 $ .69 - ---------------------------------------------------------------------------------------------------------------------------------- <FN> (1) The number of shares assumed issued upon exercise of dilutive stock options is essentially the same for fully diluted earnings per share.