EXHIBIT 11
SEATTLE FILMWORKS, INC.
COMPUTATION OF EARNINGS PER SHARE
Second Quarter Ended Six Months Ended
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March 29, March 30, March 29, March 30,
1997 1996 1997 1996
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COMPUTATION OF PRIMARY EARNINGS PER SHARE:
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Weighted average shares outstanding 16,278,331 16,141,703 16,265,623 16,116,119
Net effect of dilutive stock options based on the
treasury stock method using average market price 1,483,578 1,566,205 1,531,880 1,567,692
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Total shares and equivalents 17,761,909 17,707,908 17,797,503 17,683,811
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Net income $1,145,925 $503,461 $2,502,844 $1,454,172
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PRIMARY EARNINGS PER SHARE $.06 $.03 $.14 $.08
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COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE:
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Weighted average shares outstanding 16,278,331 16,141,703 16,265,623 16,116,119
Net effect of dilutive stock options based on the
treasury stock method using the higher of quarter-end
market price or average market price 1,483,578 1,630,377 1,531,880 1,649,917
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Total shares and equivalents 17,761,909 17,772,080 17,797,503 17,766,036
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Net income $1,145,925 $503,461 $2,502,844 $1,454,172
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FULLY DILUTED EARNINGS PER SHARE $.06 $.03 $.14 $.08
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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 17, 1997.
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