Exhibit 11
SEATTLE FILMWORKS, INC.
COMPUTATION OF EARNINGS PER SHARE
Fiscal Years Ended
September 30, September 24, September 25,
1995 1994 1993
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COMPUTATION OF PRIMARY EARNINGS PER SHARE:
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Weighted average shares outstanding 7,067,446 7,585,005 7,593,504
Net effect of dilutive stock options based on the
treasury stock method using average market price 688,145 604,040 591,240
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Total shares and equivalents 7,755,591 8,189,045 8,184,744
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Net income $5,682,000 $4,438,000 $3,570,000
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PRIMARY EARNINGS PER SHARE $.73 $.54 $.43
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COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE:
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Weighted average shares outstanding 7,067,446 7,585,005 7,593,504
Net effect of dilutive stock options based on the
treasury stock method using the higher of year-end
market price or average market price 753,728 678,113 645,267
Total shares and equivalents 7,821,174 8,263,118 8,238,771
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Net income $5,682,000 $4,438,000 $3,570,000
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FULLY DILUTED EARNINGS PER SHARE $.73 $.54 $.43
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