EXHIBIT 11
J. BAKER, INC. AND SUBSIDIARIES
Computation of Primary and Fully Diluted Earnings Per Share*
Quarter Ended Year Ended
February 1, February 3, February 1, February 3,
1997 1996 1997 1996
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PRIMARY:
Net Earnings $(115,157,548) $ 690,603 $(111,427,903) $(38,602,114)
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Weighted average number of common
shares outstanding 13,892,397 13,872,378 13,887,544 13,858,273
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Earnings (Loss) Per Share $(8.290) $0.0498 $(8.024) $(2.790)
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ASSUMING FULL DILUTION:
Net Earnings (Loss) 1 $(115,157,548) $ 690,603 $(111,427,403) $(38,602,114)
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Weighted average number of common
shares outstanding 13,892,397 13,872,378 13,887,544 13,858,273
Dilutive effect of outstanding stock options
and warrants 10,935 4,927 13,089 47,272
Dilutive effect of convertible subordin ated debt - - - -
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Weighted average number of common
shares as adjusted 13,903,332 13,877,305 13,900,633 13,905,545
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Earnings (Loss) Per Share $(8.283) $0.005 $(8.016) $(2.776)
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1 For the purpose of calculating fully diluted earnings per share for the
quarter and year ended January 28, 1995, 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.