EXHIBIT 11 J. BAKER, INC. AND SUBSIDIARIES Computation of Primary and Fully Diluted Earnings Per Share* (Unaudited) Quarter Ended Six Months Ended August 2, August 3, August 2, August 3, 1997 1996 1997 1996 -------- -------- -------- ------ PRIMARY: Net Earnings $1,904,108 $1,485,722 $ 2,173,119 $ 2,311,282 ========== ========== =========== =========== Weighted average number of common shares outstanding 13,912,934 13,891,265 13,902,952 13,882,729 ========== ========== ========== ========== Earnings Per Share $0.137 $0.110 $0.156 $0.166 ========== ========== =========== ========== ASSUMING FULL DILUTION: Net Earnings $1,904,108 $1,485,722 $ 2,173,119 $ 2,311,282 ========== ========== =========== =========== Weighted average number of common shares outstanding 13,912,934 13,891,265 13,902,952 13,882,729 Dilutive effect of outstanding stock options 57,593 37,467 56,646 20,647 ---------- ---------- ---------- ---------- Weighted average number of common shares as adjusted 13,970,527 13,928,732 13,959,598 13,903,376 ========== ========== ========== ========== Earnings Per Share $0.136 $0.110 $0.156 $0.166 ========== ========== ========== ========== * This calculation is submitted in accordance with Item 601(b)(11) of Regulation S-K.