EXHIBIT 11 FRED'S, INC. COMPUTATION OF NET INCOME (LOSS) PER SHARE (unaudited) (in thousands, except per share amounts) THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED 1995 1994 1995 1994 PRIMARY NET INCOME (LOSS) PER SHARE Net income (loss) $ (427) $1,312 $1,828 $4,091 Weighted average number of common shares outstanding during the period 9,335 9,307 9,330 9,307 Additional shares attributable to common stock equivalents - - - - 9,335 9,307 9,330 9,307 Net income (loss) per share $ (.05) $ .14 $ .20 $ .44 FULLY DILUTED NET INCOME (LOSS) PER SHARE Net income (loss) $ (427) $1,312 $1,828 $4,091 Weighted average number of common shares outstanding during the period 9,335 9,307 9,330 9,307 Additional shares attributable to common stock equivalents - - - - 9,335 9,307 9,330 9,307 Net income (loss) per share $ (.05) $ .14 $ .20 $ .44