EXHIBIT 11
SEATTLE FILMWORKS, INC.
COMPUTATION OF EARNINGS PER SHARE
THIRD QUARTER ENDED NINE MONTHS ENDED
JUNE 29, JUNE 24, JUNE 29, JUNE 24,
1996 1995 1996 1995
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COMPUTATION OF PRIMARY EARNINGS PER SHARE:
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Weighted average shares outstanding 10,812,173 10,623,188 10,766,777 10,578,668
Net effect of dilutive stock options based on the
treasury stock method using average market price 1,040,355 1,032,650 1,044,283 999,783
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Total shares and equivalents 11,852,528 11,655,838 11,811,060 11,578,451
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Net income $ 2,241,906 $ 1,512,619 $ 3,696,078 $ 2,506,801
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PRIMARY EARNINGS PER SHARE $ .19 $ .13 $ .31 $ .22
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COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE:
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Weighted average shares outstanding 10,812,173 10,623,188 10,766,777 10,578,668
Net effect of dilutive stock options based on the
treasury stock method using the higher of quarter-end
market price or average market price 1,040,355 1,064,316 1,044,776 1,084,188
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Total shares and equivalents 11,852,528 11,687,504 11,811,553 11,662,856
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Net income $ 2,241,906 $ 1,512,619 $ 3,696,078 $ 2,506,801
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FULLY DILUTED EARNINGS PER SHARE $ .19 $ .13 $ .31 $ .21
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Note - All share data has been retroactively restated to reflect a three-for-two
stock split effected in the form of a stock dividend on March 15, 1996.