EXHIBIT 11 FRED'S, INC. COMPUTATION OF NET INCOME PER SHARE (unaudited) (in thousands, except per share amounts) Thirteen Weeks Ended -------------------- May 4, April 29, 1996 1995 -------------------- Primary net income per share Net income $2,052 $2,255 ===== ===== Weighted average number of common shares outstanding during the period 9,326 9,307 Additional shares attributable to common stock equivalents - - ----- ----- 9,326 9,307 ===== ===== Net income per share $ .22 $ .24 ===== ===== Fully diluted net income per share Net income $2,052 $2,255 ===== ===== Weighted average number of common shares outstanding during the period 9,326 9,307 Additional shares attributable to common stock equivalents - - ----- ----- 9,326 9,307 ===== ===== Net income per share $ .22 $ .24 ===== =====