CLARCOR INC. EXHIBIT (11) - COMPUTATIONS OF PER SHARE EARNINGS SIX MONTHS ENDED -------------------------------- JUNE 3, MAY 28, 1995 1994 -------------------------------- AVERAGE SHARES OUTSTANDING - -------------------------- 1. Average number of shares 14,783,915 14,826,865 2. Net additional shares resulting from assumed exercise of stock options* 320,544 249,398 -------------------------------- 3. Adjusted average shares outstanding for fully diluted computation (1 plus 2) 15,104,459 15,076,263 -------------------------------- -------------------------------- Earnings per share of common stock: Primary $.60 $.55 ==== ==== Assuming full dilution $.59 $.55 ==== ==== <FN> * Assumes proceeds from exercise of stock options used to purchase treasury shares at the greater of the quarter-end or the average market price during the period. Page 10 of 11