EXHIBIT 11 STANLEY FURNITURE COMPANY, INC. SCHEDULE OF COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE (In thousands, except per share data) 1994 1993 Net income (loss) used in calculating primary and fully diluted earnings (loss) per common share: Continuing operations................. $5,116 $5,280 Discontinued operations............... (2,758) Net income.......................... $2,358 $5,280 Primary earnings (loss) per common share: Weighted average shares outstanding.... 4,725 3,792 Add shares issuable assuming excercise of stock options..................... 19 10 Weighted average number of shares used in calculating primary earnings (loss) per common share. 4,744 3,802 Primary earnings (loss) per common share: Continuing operations.................. $ 1.08 $ 1.39 Discontinued operations................ (.58) Primary earnings per common share.... $ .50 $ 1.39 Fully diluted earnings (loss) per common share: Weighted average shares outstanding.... 4,725 3,792 Add shares issuable assuming excer- cise of stock options................ 19 51 Weighted average number of shares used in calculating fully diluted earnings (loss) per common share. 4,744 3,843 Fully diluted earnings (loss) per common share: Continuing operations................. $ 1.08 $ 1.37 Discontinued operations............... (.58) Fully diluted earnings per common share............................. $ .50 $ 1.37