EXHIBIT 11
J. BAKER, INC. AND SUBSIDIARIES
Computation of Primary and Fully Diluted Earnings Per Share*
(Unaudited)
Quarter Ended Nine Months Ended
November 2, October 28, November 2, October 28,
1996 1995 1996 1995
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PRIMARY:
Net Earnings (Loss) $ 1,418,363 $(41,327,582) $ 3,729,645 $(39,292,717)
============ ============ ============ ============
Weighted average number of common
shares outstanding 13,892,318 13,865,879 13,885,926 13,853,211
=========== ========== =========== ==========
Earnings (Loss) Per Share $0.102 $(2.981) $0.269 $(2.836)
============ ============ ============ ===========
ASSUMING FULL DILUTION:
Net Earnings (Loss) $ 1,418,363 $(41,327,582) $ 3,729,645 $(39,292,717)
============ ============ ============ ============
Weighted average number of common
shares outstanding 13,892,318 13,865,879 13,885,926 13,853,211
Dilutive effect of outstanding stock options 6,386 32,986 14,084 72,277
Dilutive effect of convertible subordinated debt1 - - - -
------------- ------------ ------------ ------------
Weighted average number of common
shares as adjusted 13,898,704 13,898,865 13,900,010 13,925,488
=========== =========== =========== ===========
Earnings (Loss) Per Share $0.102 $(2.973) $0.268 $(2.822)
============ ============ ============ ============
1 The common stock issuable under the convertible subordinated debt was not
included in the calculations of fully diluted earnings per share because it
would be antidilutive.
* This calculation is submitted in accordance with Item 601(b)(11) of
Regulation S-K.