Exhibit 11 UNITED NATURAL FOODS, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED
OCTOBER 31,
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1996 1997
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Primary:
Weighted average shares outstanding 13,666,253 17,356,705
Net effect of dilutive stock options and stock warrants based
upon the treasury stock method using the initial public
offering price for 1996 and average stock price for 1997 1,426,315 420,888
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Total 15,092,568 17,777,593
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Pro forma net income (loss) $ 1,325,104 $ (948,395)
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Pro forma net income (loss) per share of common stock $ 0.09 $ (0.05)
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Supplemental pro forma net income (loss)
after contractual reduction of officer compensation $ 1,809,442 $ (492,167)
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Supplemental pro forma net income (loss) per share
of common stock after contractual reduction of
officer compensation $ 0.12 $ (0.03)
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Fully diluted:
Weighted average shares outstanding 13,666,253 17,356,705
Net effect of dilutive stock options and stock warrants based
upon the treasury stock method using the initial public
offering price for 1996 and period end stock price if
higher than average stock price for 1997 1,426,315 420,888
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Total 15,092,568 17,777,593
============ ============
Pro forma net income (loss) $ 1,325,104 $ (948,395)
============ ============
Pro forma net income (loss) per share of common stock $ 0.09 $ (0.05)
============ ============
Supplemental pro forma net income (loss)
after contractual reduction of officer compensation $ 1,809,442 $ (492,167)
============ ============
Supplemental pro forma net income (loss) per share
of common stock after contractual reduction of
officer compensation $ 0.12 $ (0.03)
============ ============
Related to the Stow Mills merger, income tax expense was
adjusted as though all companies were treated as C corporations
rather than S corporations to calculate pro forma net income
(loss). In addition to these adjustments, supplemental pro forma
net income (loss) has been calculated by adjusting net income
(loss) for the effect of eliminating bonuses to shareholders and
reducing compensation paid to shareholders to the extent such
amounts exceeded the maximum compensation payable to such
individuals under current compensation arrangements.