1 EXHIBIT 11 CKE RESTAURANTS, INC. CALCULATION OF EARNINGS PER SHARE (In thousands except per share amounts) Sixteen Weeks Ended --------------------------- May 19, May 20, 1997 1996 ----------- ----------- PRIMARY EARNINGS PER SHARE Net income $ 10,586 $ 5,333 =========== =========== Weighted average number of common shares outstanding during the period 33,317 27,857 Incremental common shares attributable to exercise of outstanding options 886 566 ----------- ----------- Total shares 34,203 28,423 =========== =========== Primary earnings per share $ .31 $ .19 =========== =========== FULLY DILUTED EARNINGS PER SHARE Net income $ 10,586 $ 5,333 =========== =========== Weighted average number of common shares outstanding during the period 33,317 27,857 Incremental common shares attributable to exercise of outstanding options 983 807 ----------- ----------- Total shares 34,300 28,664 =========== =========== Fully diluted earnings per share $ .31 $ .19 =========== =========== 13