Exhibit 11 STANLEY FURNITURE COMPANY, INC. SCHEDULE OF COMPUTATION OF EARNINGS PER COMMON SHARE (Unaudited) (In thousands, except per share data) Three Months Ended Six Months Ended June 29, June 30, June 29, June 30, 1997 1996 1997 1996 Net income used in calcula- ting primary and fully diluted earnings per common share............. $2,756 $1,704 $5,528 $3,287 Primary earnings per common share: Weighted average shares outstanding.............. 4,587 4,727 4,586 4,727 Add shares issuable assuming exercise of stock options............ 384 115 407 48 Weighted average number of shares used in calculating primary earnings per common share................ 4,971 4,842 4,993 4,775 Primary earnings per common share........... $ .55 $ .35 $ 1.11 $ .69 Fully diluted earnings per common share: Weighted average shares outstanding.............. 4,587 4,727 4,585 4,727 Add shares issuable assuming excercise of stock options........... 434 115 434 74 Weighted average number of shares used in calculating fully diluted earnings per common share......... 5,021 4,842 5,019 4,801 Fully diluted earnings per common share....... $ .55 $ .35 $ 1.10 $ .68