EXHIBIT 11.1
PAYLESS SHOESOURCE, INC. AND SUBSIDIARIES
COMPUTATION OF NET (LOSS) EARNINGS PER SHARE
(UNAUDITED)
(Dollars and shares in thousands, except per share)
13 WEEKS ENDED 39 WEEKS ENDED
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NOVEMBER 1, 2003 NOVEMBER 2, 2002 NOVEMBER 1, 2003 NOVEMBER 2, 2002
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Diluted Computation:
Net (loss) earnings $ (2,168) $ 29,591 $ 17,107 $100,712
Weighted average common shares outstanding 68,050 67,963 68,020 67,688
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Net effect of dilutive stock options based on
the treasury stock method -- 463 46 641
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Outstanding shares for diluted earnings per share 68,050 68,426 68,066 68,329
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Diluted (loss) earnings per share $ (0.03) $ 0.43 $ 0.25 $ 1.47
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Basic Computation:
Net (loss) earnings $ (2,168) $ 29,591 $ 17,107 $100,712
Weighted average common shares outstanding 68,050 67,963 68,020 67,688
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Basic (loss) earnings per share $ (0.03) $ 0.44 $ 0.25 $ 1.49
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Basic (loss) earnings per share are computed by dividing net (loss) earnings by
the weighted average number of shares of common stock outstanding during the
period. Diluted earnings per share include the effect of conversions of stock
options. The effects of stock options have not been included in the
thirteen-week period ended November 1, 2003, as the effect would be
anti-dilutive.