1 EXHIBIT 11 THE GYMBOREE CORPORATION COMPUTATION OF NET INCOME (LOSS) PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) 13 WEEKS ENDED 39 WEEKS ENDED ---------------------------- -------------------------- OCT. 30 OCT. 31 OCT. 30 OCT. 31 1999 1998 1999 1998 --------- --------- -------- -------- (Restated) (Restated) (Note 9) (Note 9) NET INCOME (LOSS) $ (667) $ (273) $ (5,302) $ 3,044 ========= ========= ======== ======== Weighted average number of shares outstanding during the period: Common Stock 24,345 24,172 24,299 24,153 Add incremental shares from assumed exercise of stock options (1) -- -- -- 60 --------- --------- -------- -------- Weighted average common and common equivalent shares outstanding 24,345 24,172 24,299 24,213 ========= ========= ======== ======== BASIC NET INCOME (LOSS) PER SHARE $ (0.03) $ (0.01) $ (0.22) $ 0.13 ========= ========= ======== ======== DILUTED NET INCOME (LOSS) PER SHARE $ (0.03) $ (0.01) $ (0.22) $ 0.13 ========= ========= ======== ======== (1) Options to purchase weighted average shares totaling 25, 15 and 88 for the 13 weeks ended October 30, 1999 and October 31, 1998 and the 39 weeks ended October 30, 1999, respectively and were not included in the computation of diluted income (loss) per share because to do so would have been antidilutive.