EXHIBIT 11 FRED'S, INC. COMPUTATION OF NET INCOME PER SHARE (unaudited) (in thousands, except per share amounts) THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED -------------------- ----------------------- OCTOBER OCTOBER OCTOBER OCTOBER 28, 1995 29, 1994 28, 1995 29, 1994 -------- -------- ---------- -------- PRIMARY NET INCOME PER SHARE Net income $ 121 $1,523 $1,949 $5,614 ====== ====== ====== ====== Weighted average number of common shares outstanding during the period 9,335 9,307 9,332 9,307 Additional shares attributable to common stock equivalents - - - - ------ ------ ------ ------ 9,335 9,307 9,332 9,307 ====== ====== ====== ====== Net income per share $ .01 $ .16 $ .21 $ .60 ====== ====== ====== ====== FULLY DILUTED NET INCOME PER SHARE Net income $ 121 $1,523 $1,949 $5,614 ====== ====== ====== ====== Weighted average number of common shares outstanding during the period 9,335 9,307 9,332 9,307 Additional shares attributable to common stock equivalents - - - - ------ ------ ------ ------ 9,335 9,307 9,332 9,307 ====== ====== ====== ====== Net income per share $ .01 $ .16 $ .21 $ .60 ====== ====== ====== ======