Exhibit 11.1 PAYLESS SHOESOURCE, INC. COMPUTATION OF NET EARNINGS PER SHARE FOR THE LAST THREE FISCAL YEARS <Table> <Caption> Jan. 31, Feb. 01, Feb. 02, (Thousands, except per share) 2004 2003 2002 -------- -------- -------- Basic Computation: Net (loss) earnings $ (85) $105,765 $45,426 Weighted average common shares outstanding 68,029 67,764 66,656 -------- -------- ------- Basic (loss) earnings per share $ (0.00) $ 1.56 $ 0.68 ======== ======== ======= Diluted Computation: Net (loss) earnings $ (85) $105,765 $45,426 Weighted average common shares outstanding 68,029 67,764 66,656 Net effect of dilutive stock options based on the treasury stock method - 657 1,119 -------- -------- ------- Outstanding shares for diluted earnings per share 68,029 68,421 67,775 -------- -------- ------- Diluted (loss) earnings per share $ (0.00) $ 1.55 $ 0.67 ======== ======== ======= </Table>