EXHIBIT 11
UNITED NATURAL FOODS, INC.C
COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED SIX MONTHS ENDED
JANUARY 31, JANUARY 31,
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1997 1998 1997 1998
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Basic weighted average shares outstanding 17,116,331 17,356,705 15,393,653 17,356,705
Net effect of dilutive stock options based upon the treasury
stock method using the average stock price 158,111 302,264 731,663 297,107
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Diluted weighted average shares outstanding 17,274,442 17,658,969 16,125,316 17,653,812
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Income before extraordinary item $ 2,297,035 $ 4,200,184 $ 3,589,259 $ 3,571,887
Extraordinary item - loss on early extinguishment
of debt, net of income tax benefit of $661,822 932,929 - 932,929 -
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Net income $ 1,364,106 $ 4,200,184 $ 2,656,330 $ 3,571,887
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Pro forma net income before extraordinary item $ 2,254,778 $ 4,200,184 $ 3,582,882 $ 3,251,789
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Basic Per Share Data:
Income before extraordinary item $ 0.13 $ 0.24 $ 0.22 $ 0.21
Extraordinary item - loss on early extinguishment
of debt, net of income tax benefit of $661,822 $ 0.05 $ - $ 0.06 $ -
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Net income $ 0.08 $ 0.24 $ 0.16 $ 0.21
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Pro forma net income before extraordinary item $ 0.13 $ 0.24 $ 0.22 $ 0.19
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Diluted Per Share Data:
Income before extraordinary item $ 0.13 $ 0.24 $ 0.22 $ 0.20
Extraordinary item - loss on early extinguishment
of debt, net of income tax benefit of $661,822 $ 0.05 $ - $ 0.06 $ -
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Net income $ 0.08 $ 0.24 $ 0.16 $ 0.20
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Pro forma net income before extraordinary item $ 0.13 $ 0.24 $ 0.22 $ 0.18
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Pro forma income tax expense to reflect Stow as though it were a C corporation
for the entire period is calculated as follows: Total income tax expense plus
Stow pretax income multiplied by 35% (note fiscal 1998 adds back merger
expenses as well before calculating tax expense for Stow since merger expenses
are nondeductible for tax purposes).