1 EXHIBIT 11 THE GYMBOREE CORPORATION COMPUTATION OF NET INCOME PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) 13 WEEKS ENDED -------------------------- MAY 3, 1997 MAY 5, 1996 ----------- ----------- NET INCOME $ 8,599 $ 8,593 ======= ======= WEIGHTED AVERAGE SHARES OUTSTANDING DURING THE PERIOD: COMMON STOCK 24,987 25,027 ADD INCREMENTAL SHARES FROM ASSUMED EXERCISE OF STOCK OPTIONS 441 416 ------- ------- WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 25,428 25,443 ======= ======= PRIMARY NET INCOME PER SHARE $ 0.34 $ 0.34 ======= ======= WEIGHTED AVERAGE SHARES OUTSTANDING DURING THE PERIOD: COMMON STOCK 24,987 25,027 ADD INCREMENTAL SHARES FROM ASSUMED EXERCISE OF STOCK OPTIONS 527 547 ------- ------- WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 25,514 25,574 ======= ======= FULLY DILUTED NET INCOME PER SHARE $ 0.34 $ 0.34 ======= ======= 15