EXHIBIT 11
MICHAELS STORES, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
WEIGHTED
WEIGHTED AVERAGE COMMON
AVERAGE AND COMMON
COMMON SHARES EQUIVALENT SHARES
OUTSTANDING OUTSTANDING
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FULLY
PRIMARY DILUTED
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For the year ended January 30, 1994:
Weighted average common shares outstanding................. 16,592 16,592 16,592
Assumed issuance of shares upon conversion of convertible
subordinated debt at beginning of year.................... 2,572
Net shares to be issued upon exercise of dilutive stock
options after applying treasury stock method.............. 639 645
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Total average outstanding shares........................... 16,592 17,231 19,809
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Net income................................................. $ 26,287 $ 26,287
Assumed interest on convertible subordinated debt less tax
benefit of $2,427......................................... 3,902
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Net income for per share computation....................... $ 26,287 $ 30,189
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Earnings per common share.................................. $1.53 $1.52
For the year ended January 31, 1993:
Weighted average common shares outstanding................. 15,933 15,933 15,933
Net shares to be issued upon exercise of dilutive stock
options and warrants after applying treasury stock
method.................................................... 759 920
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Total average outstanding shares........................... 15,933 16,692 16,853
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Net income................................................. $ 20,378 $ 20,378
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Earnings per common share.................................. $1.22 $1.21
MICHAELS STORES, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
WEIGHTED
WEIGHTED AVERAGE COMMON SUPPLEMENTAL
AVERAGE AND COMMON CALCULATION OF
COMMON SHARES EQUIVALENT SHARES EARNINGS
OUTSTANDING OUTSTANDING PER SHARE(1)
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FULLY FULLY
PRIMARY DILUTED PRIMARY DILUTED
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For the year ended February 2, 1992:
Weighted average common shares outstanding........ 10,485 10,485 10,485 10,485 10,485
Assumed issuance of shares to retire debt at
beginning of year................................ 2,426 2,426
Net shares to be issued upon exercise of dilutive
stock options and warrants after applying
treasury stock method............................ 1,398 1,926 1,398 1,926
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Total average outstanding shares.................. 10,475 11,883 12,411 14,309 14,837
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Income before extraordinary item.................. $ 10,739 $ 10,739 $ 14,359 $ 14,359
Extraordinary item................................ 3,843 3,843 4,195 4,195
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Net Income........................................ $ 6,896 $ 6,896 $ 10,164 $ 10,164
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Earnings per common share:
Income before extraordinary item................ $ 0.90 $ 0.87 $ 1.00 $ 0.97
Extraordinary item.............................. 0.32 0.31 0.29 0.28
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Net income...................................... $ 0.58 $ 0.56 $ 0.71 $ 0.69
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<FN>
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(1) To give effect to the redemption of 12 3/4% Senior Subordinated Notes as
of the beginning of the fiscal year. Appropriate adjustments have been
made to reduce interest and related expenses ($3,620 net of tax), to
increase the extraordinary item as of the beginning of the year ($352 net
of tax), and to increase the weighted average shares outstanding during
the year.