1 EXHIBIT 11 THE GYMBOREE CORPORATION COMPUTATION OF NET INCOME (LOSS) PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) 13 WEEKS ENDED 26 WEEKS ENDED ----------------------------- --------------------------- JULY 31, AUG 1, JULY 31, AUG 1, 1999 1998 1999 1998 ---------- --------- ---------- ------- (RESTATED) (RESTATED) (NOTE 9) (NOTE 9) NET INCOME (LOSS) $ (9,420) $ (831) $ (4,635) $ 3,317 ========== ========= ========== ======= Weighted average number of shares outstanding during the period: Common Stock 24,294 24,163 24,276 24,144 Add incremental shares from assumed exercise of stock options (1) -- -- -- 77 ---------- --------- ---------- ------- Weighted average common and common equivalent shares outstanding 24,294 24,163 24,276 24,221 ========== ========= ========== ======= BASIC NET INCOME (LOSS) PER SHARE $ (0.39) $ (0.03) $ (0.19) $ 0.14 ========== ========= ========== ======= DILUTED NET INCOME (LOSS) PER SHARE $ (0.39) $ (0.03) $ (0.19) $ 0.14 ========== ========= ========== ======= (1) Options to purchase weighted average shares totaling 209, 33, and 185 for the 13 weeks ended July 31, 1999 and August 1, 1998 and the 26 weeks ended July 31, 1999, respectively, were not included in the computation of diluted income (loss) per share because to do so would have been antidilutive.