EXHIBIT 11
J. BAKER, INC. AND SUBSIDIARIES
Computation of Primary and Fully Diluted Earnings Per Share*
Quarter Ended Year Ended
January 28, January 29, January 28, January 29,
1995 1994 1995 1994
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PRIMARY:
Net Earnings $6,692,957 $7,957,437 $23,616,171 $23,311,042
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Weighted average number of
common shares outstanding 13,840,534 13,769,260 13,831,552 13,674,553
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Earnings Per Share $0.484 $0.578 $1.707 $1.704
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ASSUMING FULL DILUTION:
Net Earnings(1) $7,476,957 $8,741,437 $26,752,171 $26,447,042
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Weighted average number of
common shares outstanding 13,840,534 13,769,260 13,831,552 13,674,553
Dilutive effect of outstanding
stock options and
warrants 152,826 212,246 190,405 270,629
Dilutive effect of convertible
subordinated debt 4,341,085 4,341,085 4,341,085 4,341,085
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Weighted average number of
common shares as adjusted 18,334,445 18,322,591 18,363,042 18,286,267
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Earnings Per Share $0.408 $0.477 $1.457 $1.446
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(1) For the purpose of calculating fully diluted earnings per share
the conversion of the 7% convertible debt results in an after tax
benefit from reduced interest expense.
* This calculation is submitted in accordance with Item 601(b)(11)
of Regulation S-K.