EXHIBIT 11 MICHAELS STORES, INC. COMPUTATION OF EARNINGS PER COMMON SHARE THREE MONTHS ENDED APRIL 28, 1996 (UNAUDITED) WEIGHTED AVERAGE EQUIVALENT SHARES ---------------------------- TOTAL FULLY OUTSTANDING PRIMARY DILUTED ------------- ------------- ------------- Outstanding at beginning of year..................................... 21,504,110 21,504,110 21,504,110 Shares issued during quarter......................................... 2,002,850 527,911 527,911 ------------- ------------- Weighted average common shares outstanding........................... 22,032,021 22,032,021 Common Equivalent Shares: Dilutive shares attributable to stock options after applying treasury stock method............................................. 235,068 426,563 ------------- ------------- ------------- Total outstanding common shares...................................... 23,506,960 22,267,089 22,458,584 ------------- ------------- ------------- ------------- ------------- ------------- Earnings per common and common equivalent share...................... $ .12 $ .12 ------------- ------------- ------------- -------------