EXHIBIT 11 J. BAKER, INC. AND SUBSIDIARIES Computation of Net Earnings Per Common Share* (Unaudited) Quarters Ended Six Months Ended ----------------------------- --------------------- July 29, July 31, July 29, July 31, 2000 1999 2000 1999 ---- ---- ---- ---- Numerator for earnings per common share calculation: Net earnings available to common shareholders, basic $ 3,459,872 $ 3,374,028 $ 5,004,753 $ 4,354,018 Dilutive effect of convertible subordinated notes $ 784,000 $ - $ - $ - ----------- ----------- ----------- ----------- Net earnings available to common shareholders, diluted $ 4,243,872 $ 3,374,028 $ 5,004,753 $ 4,354,018 ----------- ----------- ----------- ----------- Denominator for earnings per common share calculation: Weighted average common shares, basic 14,067,526 14,064,619 14,067,526 14,064,573 Effect of dilutive securities: Convertible subordinated notes 4,341,085 - - - Stock options 316,154 553,323 365,671 239,119 ----------- ----------- ----------- ----------- Weighted average common shares, diluted 18,724,765 14,617,942 14,433,197 14,303,692 ----------- ----------- ----------- ----------- Basic earnings per common share $ 0.25 $ 0.24 $ 0.36 $ 0.31 =========== =========== =========== =========== Diluted earnings per common share $ 0.23 $ 0.23 $ 0.35 $ 0.30 =========== =========== =========== =========== * This calculation is submitted in accordance with Item 601(b)(11) of Regulation S-K.