EXHIBIT 11 FRED'S, INC. COMPUTATION OF NET INCOME PER SHARE (unaudited) (in thousands, except per share amounts) Thirteen Weeks Ended May 3, May 4, 1997 1996 -------- -------- Primary net income per share Net income $2,680 $2,052 ======== ======== Weighted average number of common shares outstanding during the period 9,330 9,326 Additional shares attributable to common stock equivalents - - ------- -------- 9,330 9,326 ======= ======== Net income per share $ .29 $ .22 ======= ======== Fully diluted net income per share Net income $2,680 $2,052 ======= ======== Weighted average number of common shares outstanding during the period 9,330 9,326 Additional shares attributable to common stock equivalents - - ------- -------- 9,330 9,326 ======= ======== Net income per share $ .29 $ .22 ======= ========