EXHIBIT 11.1 THE WARNACO GROUP, INC. Calculation of Income (Loss) per Common Share Year Year Year Ended Ended Ended January 4, 1992 January 2, 1993 January 8, 1994 --------------- -------------- --------------- Income (Loss) from continuing operations ($19,514,000) $47,564,000 $53,253,000 Preferred dividends 5,500,000 2,750,000 - ------------ ----------- ----------- Loss from continuing operations pertaining to common shareholders ($25,014,000) $44,814,000 $53,253,000 ============ =========== ============ Loss from discontinued operations (6,076,000) (7,443,000) - ============ =========== ============ Extraordinary items ($2,859,000) ($57,576,000) ($18,637,000) ============ =========== ============ Cumulative effect of change in method of accounting for postretirement benefits other than pensions - - ($10,500,000) ============ =========== ============ Net Income (Loss) applicable to common shareholders ($33,949,000) ($20,205,000) $24,116,000 ============ =========== ============ Average shares outstanding: Class A Common shares issued in connection with the Acquisition 6,000,000 6,000,000 6,000,000 Shares issued to employees under the Employee Stock Purchase Plan of 1988 137,500 137,500 137,500 Shares deemed issued 1,785,182 2,226,016 1,847,741 Shares issued in Initial Public Offering 1,606,849 6,900,000 6,900,000 Shares issued in Secondary Offering - 3,791,209 5,000,000 ------------ ----------- ----------- Total weighted average shares 9,529,531 19,054,725 19,885,241 ============ =========== ============ Income (Loss) per common share: Income (Loss) from continuing operations ($2.62) $2.35 $2.68 Loss from discontinued operations (0.64) (0.39 ) - Extraordinary items (0.30) (3.02 ) (0.94) Cumulative effect of change in method of accounting for postretirement benefits other than pensions - - (0.53) ------------ ----------- ----------- Net income (Loss) per common share ($3.56) ($1.06 ) $1.21 ============ =========== ============