1 EXHIBIT 11.1 CKE RESTAURANTS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE FISCAL YEAR ENDED JANUARY 31, ----------------------------------------------- 1998 1997 1996 1995 1994 ------- ------- ------- ------- ------- (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) BASIC EARNINGS PER SHARE: Net income................................... $46,757 $22,302 $10,952 $ 1,264 $ 3,665 ======= ======= ======= ======= ======= Weighted average number of common shares outstanding during the year................ 42,394 32,399 30,330 30,985 30,055 Repurchase and retirement of shares..... -- -- -- -- (46) Purchase of treasury shares............. -- -- (119) (238) -- ------- ------- ------- ------- ------- 42,394 32,399 30,211 30,747 30,009 ======= ======= ======= ======= ======= Basic earnings per share..................... $ 1.10 $ 0.69 $ 0.36 $ 0.04 $ 0.12 ======= ======= ======= ======= ======= FISCAL YEAR ENDED JANUARY 31, ----------------------------------------------- 1998 1997 1996 1995 1994 ------- ------- ------- ------- ------- (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) DILUTED EARNINGS PER SHARE: Net income................................... $46,757 $22,302 $10,952 $ 1,264 $ 3,665 ======= ======= ======= ======= ======= Weighted average number of common shares outstanding during the year................ 42,394 32,399 30,330 30,985 30,055 Incremental common shares attributable to exercise of stock options.......... 1,353 877 344 135 109 Repurchase and retirement of shares..... -- -- -- -- (46) Purchase of treasury shares............. -- -- (119) (238) -- ------- ------- ------- ------- ------- 43,747 33,276 30,555 30,882 30,118 ======= ======= ======= ======= ======= Diluted earnings per share................... $ 1.07 $ 0.67 $ 0.36 $ 0.04 $ 0.12 ======= ======= ======= ======= =======