1 EXHIBIT 11 THE GYMBOREE CORPORATION COMPUTATION OF NET INCOME PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) 13 WEEKS ENDED -------------------------- MAY 2, 1998 MAY 3, 1997 ----------- ----------- NET INCOME $4,148 $ 8,599 ======= ======= WEIGHTED AVERAGE SHARES OUTSTANDING DURING THE PERIOD: COMMON STOCK 24,110 24,987 ADD INCREMENTAL SHARES FROM ASSUMED EXERCISE OF STOCK OPTIONS 127 527 ------- ------- WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 24,237 25,514 ======= ======= FULLY DILUTED NET INCOME PER SHARE $ 0.17 $ 0.34 ======= ======= BASIC NET INCOME PER SHARE $ 0.17 $ 0.34 ======= ======= 15