EXHIBIT 11 J. BAKER, INC. AND SUBSIDIARIES Computation of Net Earnings Per Common Share* (Unaudited) Quarters Ended Nine Months Ended October 31, November 1, October 31, November 1, 1998 1997 1998 1997 -------- -------- -------- -------- Net Earnings Per Common Share: Net earnings (loss), basic and diluted $ 736,682 $(1,382,693) $ 3,847,190 $ 790,426 =========== =========== =========== =========== Weighted average common shares outstanding, basic 14,061,928 13,918,898 13,987,131 13,908,267 ---------- ---------- ---------- ---------- Effect of dilutive securities: Stock options and performance share awards 112,517 - 167,046 40,100 ----------- ----------- ---------- ----------- Weighted average common shares outstanding, diluted 14,174,445 13,918,898 14,154,177 13,948,367 ========== ========== ========== ========== Net earnings per common share, basic $0.052 $(0.099) $0.275 $ 0.057 ========== ========== =========== ============ Net earnings per common share, diluted $0.052 $(0.099) $0.272 $ 0.057 ========== ========== =========== ============ * This calculation is submitted in accordance with Item 601(b)(11) of Regulation S-K.