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EXHIBIT 11
J. BAKER, INC. AND SUBSIDIARIES
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE*
QUARTER ENDED YEAR ENDED
JAN. 29, JAN. 30, JAN. 29, JAN. 30,
1994 1993 1994 1993
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PRIMARY:
Earnings Before Extraordinary Item $ 7,957,437 $ 4,914,152 $ 23,311,042 $ 13,277,612
Extraordinary Item, Net of
Income Tax Benefit - - - (2,443,953)
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Net Earnings $ 7,957,437 $ 4,914,152 $ 23,311,042 $ 10,833,659
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Weighted average number of common
shares outstanding 13,769,260 10,683,894 13,674,553 10,655,498
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Earnings Per Share
Earnings Before Extraordinary Item $ .578 $ .460 $ 1.704 $ 1.246
Extraordinary item - - - (.229)
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$ .578 $ .460 $ 1.704 $ 1.017
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ASSUMING FULL DILUTION:
Earnings Before Extraordinary Item(1) $ 8,741,437 $ 5,613,759 $ 26,447,042 $ 15,253,631
Extraordinary Item, Net of
Income Tax Benefit - - - (2,443,953)
----------- ----------- ------------ ------------
Net Earnings $ 8,741,437 $ 5,613,759 $ 26,447,042 $ 12,809,678
=========== =========== ============ ============
Weighted average number of common
shares outstanding 13,769,260 10,683,894 13,674,553 10,655,498
Dilutive effect of outstanding stock options
and warrants 212,246 349,804 270,629 339,801
Dilutive effect of convertible subordinated debt 4,341,085 4,341,085 4,341,085 2,778,772
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Weighted average number of common
shares as adjusted 18,322,591 15,374,783 18,286,267 13,774,071
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Earnings per share
Earnings Before Extraordinary Item $ .477 $ .365 $ 1.446 $ 1.107
Extraordinary Item - - - (.177)
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$ .477 $ .365 $ 1.446 $ .930
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<FN>
(1) For the purpose of calculating fully diluted earnings per share the
conversion of the 7% convertible debt results in an after tax benefit
from reduced interest expense.
* This calculation is submitted in accordance with Item 601(b)(11) of
Regulation S-K.