EXHIBIT 11 J. BAKER, INC. AND SUBSIDIARIES Computation of Net Earnings Per Common Share* (Unaudited) Quarters Ended Nine Months Ended -------------- ----------------- October 28, October 30, October 28, October 30, 2000 1999 2000 1999 ---- ---- ---- ---- Numerator for earnings (loss) per common share calculation: Earnings from continuing operations, basic and diluted $ 1,111,907 $ 1,019,113 $ 5,095,721 $ 4,091,176 ============ =========== ============ =========== Earnings (loss) from discontinued operations, basic and diluted $ (26,221,000) $ 410,242 $ (25,200,060) $ 1,692,197 ============ =========== ============ =========== Denominator for earnings (loss) per common share calculation: Weighted average common shares: Basic 14,068,341 14,066,729 14,067,850 14,065,628 Effect of dilutive securities: Stock options, warrants and performance share awards 97,895 525,936 257,802 293,595 ------------ ------------ ------------ ----------- Diluted 14,166,236 14,592,665 14,325,652 14,359,223 ========== ========== ========== ========== Earnings (loss) per common share, basic Continuing operations $ 0.08 $ 0.07 $ 0.36 $ 0.29 Discontinued operations (1.86) 0.03 (1.79) 0.12 ------------- ----------- ------------ ------------ Earnings (loss) per common share, basic $ (1.78) $ 0.10 $ (1.43) $ 0.41 ============= =========== ============ ============ Earnings (loss) per common share, diluted Continuing operations $ 0.08 $ 0.07 $ 0.36 $ 0.28 Discontinued operations (1.85) 0.03 (1.76) 0.12 ------------- ----------- ------------ ------------ Earnings (loss) per common share, diluted $ (1.77) $ 0.10 $ (1.40) $ 0.40 ============= =========== ============ ============ * This calculation is submitted in accordance with Item 601(b)(11) of Regulation S-K.