Exhibit 11 GUESS ?, INC. AND SUBSIDIARIES COMPUTATION OF NET EARNINGS PER SHARE (in thousands, except per share data) September 29, 1996 -------------------------- Three months Nine months ended ended --------- --------- Weighted averages shares outstanding during the period 32,682 32,682 Shares issued to Principal stockholders in connection with the Initial Public Offering 1,780 593 Shares issued to public in connection with the Initial Public Offering 4,154 1,385 Equivalent shares issuable for the outstanding S distribution notes 111 111 -------- -------- 38,727 34,771 -------- -------- -------- -------- Pro forma net earnings $15,626 $37,638 Pro forma net earnings per share $.40 $1.08 1