EXHIBIT 11
AMES DEPARTMENT STORES, INC. AND SUBSIDIARIES
SCHEDULE OF COMPUTATION OF BASIC AND DILUTED
NET EARNINGS PER SHARE
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
52 WEEKS 53 WEEKS 52 WEEKS
ENDED ENDED ENDED
JANUARY 30, JANUARY 31, JANUARY 25,
1999 1998 1997
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Income before extraordinary item......................................... $33,830 $34,546 $18,655
Extraordinary loss, net.................................................. -- -- (1,354)
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Basic and diluted net income........................................ $33,830 $34,546 $17,301
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For Basic Earnings Per Share:
Weighted average number of common shares outstanding during the
period.............................................................. 23,010 21,723 20,467
Basic earnings per share:
Basic income per share before extraordinary item....................... $ 1.47 $ 1.59 $ 0.91
Extraordinary loss..................................................... -- -- (0.06)
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Basic net income per share.......................................... $ 1.47 $ 1.59 $ 0.85
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For Diluted Earnings Per Share:
Weighted average number of common shares outstanding during the
period.............................................................. 23,010 21,723 20,467
Add: Common stock equivalent shares represented by
-- Series B Warrants............................................. 98 95 (a)
-- Series C Warrants............................................. 440 1,018 1,191
-- Options under 1994 Management Stock Option Plan and 1998 Stock
Incentive Plan................................................ 606 47 147
-- Options under 1994 Non-Employee Director Stock Option Plan.... 62 766 7
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Weighted average number of common and common equivalent shares used in
the calculation of diluted earnings per share....................... 24,216 23,649 21,812
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Diluted earnings per share:
Diluted income per share before extraordinary item..................... $ 1.40 $ 1.46 $ 0.85
Extraordinary loss..................................................... -- -- (0.06)
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Diluted net income per share........................................... $ 1.40 $ 1.46 $ 0.79
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(a) These options/warrants were not considered common stock equivalent shares
because the exercise price exceeded the market price of the common stock for
all or substantially all of the period.