EXHIBIT 11
SEATTLE FILMWORKS, INC.
COMPUTATION OF EARNINGS PER SHARE
Third Quarter Ended Nine Months Ended
June 24, June 25, June 24, June 25,
1995 1994 1995 1994
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COMPUTATION OF PRIMARY EARNINGS PER SHARE
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Weighted average shares outstanding 7,082,125 7,739,730 7,052,445 7,714,830
Net effect of dilutive stock options based on the
treasury stock method using average market price 688,433 626,487 666,522 598,464
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Total shares and equivalents 7,770,558 8,366,217 7,718,967 8,313,294
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Net income $ 1,512,619 $ 1,176,097 $ 2,506,801 $1,998,190
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PRIMARY EARNINGS PER SHARE $ .19 $ .14 $ .32 $ .24
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COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE:
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Weighted average shares outstanding 7,082,125 7,739,730 7,052,445 7,714,830
Net effect of dilutive stock options based on the
treasury stock method using the higher of quarter-end
market price or average market price 709,544 626,487 722,792 622,305
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Total shares and equivalents 7,791,669 8,366,217 7,775,237 8,337,135
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Net income $ 1,512,619 $ 1,176,097 $ 2,506,801 $1,998,190
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FULLY DILUTED EARNINGS PER SHARE $ .19 $ .14 $ .32 $ .24
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<FN>
Note - All share data has been retroactively restated to reflect a three-for-two stock split effected in the form of a stock
dividend on March 15, 1995.