EXHIBIT 11 MICHAELS STORES, INC. COMPUTATION OF EARNINGS PER COMMON SHARE THREE MONTHS ENDED MAY 1, 1994 (UNAUDITED) WEIGHTED AVERAGE OUTSTANDING EQUIVALENT SHARES TOTAL ---------------------------- OUTSTANDING PRIMARY FULLY DILUTED ------------- ------------- ------------- Outstanding at beginning of quarter.................................. 16,697,357 16,697,357 16,697,357 Shares issued during quarter......................................... 764,974 227,766 227,766 ------------- ------------- Weighted average outstanding shares.................................. 16,925,123 16,925,123 Common Equivalent Shares: Dilutive shares attributable to stock options (computed by the treasury stock method)............................................ 859,407 931,043 ------------- ------------- ------------- Total outstanding shares............................................. 17,462,331 17,784,530 17,856,166 ------------- ------------- ------------- ------------- ------------- ------------- Earnings per common and common equivalent share...................... $.28 $.28 ------------- ------------- ------------- -------------