EXHIBIT 11 FEDERATED DEPARTMENT STORES, INC. EXHIBIT OF PRIMARY AND FULLY DILUTED EARNINGS (LOSS) PER SHARE (THOUSANDS, EXCEPT PER SHARE FIGURES) 13 Weeks Ended April 29, 1995 April 30, 1994 Shares (Loss) Shares Income Net income (loss) and average numberof shares outstanding 182,682 $(56,999) 126,464 $32,222 Earnings (loss) per share $(.31) $.25 PRIMARY COMPUTATION: Average number of common share equivalents: Shares to be issued to the U.S. Treasury 81 122 Deferred compensation plan 143 40 Stock options 377 - 337 - Adjusted number of common and common equivalent shares outstanding and adjusted net income (loss) 183,283 (56,999) 126 ,963 32,222 Primary earnings (loss) per share $(.31) $.25 FULLY DILUTED COMPUTATION: Additional adjustments to a fully diluted basis: Stock options 1 - 1 Adjusted number of shares outstanding and net income (loss) on a fully diluted basis 183,284 $(56,999) 126,964 $32,222 Fully diluted earnings (loss) per share $(.31) $.25