EXHIBIT 11 J. BAKER, INC. AND SUBSIDIARIES Computation of Primary and Fully Diluted Earnings Per Share* Year Ended ------------------------------------------------------------- January 30, January 31, February 1, 1999 1998 1997 ---- ---- ---- Net Earnings (Loss) Per Common Share: Net earnings (loss), basic and diluted $ 2,033,518 $ 3,813,107 $(111,427,903) =========== =========== ============= Weighted average common shares outstanding, basic 14,006,478 13,911,080 13,887,544 Effect of dilutive securities: Stock options and performance share awards 133,257 59,219 - ------- ------ ---------- Weighted average common shares outstanding, diluted 14,139,735 13,970,299 13,887,544 ========== ========== ========== Net earnings (loss) per common share, basic $0.15 $0.27 $(8.02) ===== ===== ====== Net earnings (loss) per common share, diluted $0.14 $0.27 $(8.02) ===== ===== ====== * This calculation is submitted in accordance with Item 601(b)(11) of Regulation S-K.