EXHIBIT 11.1
PAYLESS SHOESOURCE, INC.
COMPUTATION OF NET EARNINGS PER SHARE FROM CONTINUING OPERATIONS
FOR THE LAST THREE FISCAL YEARS
(Thousands, except per share data)
As restated As restated
Jan. 29, Jan. 31, Feb. 01,
2005 2004 2003
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Basic Computation:
Net earnings from continuing operations $ 35,147 $ 16,942 $110,473
Weighted average common shares outstanding 67,947 67,852 67,550
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Basic earnings per share from continuing operations $ 0.52 $ 0.25 $ 1.64
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Diluted Computation:
Net earnings from continuing operations $ 35,147 $ 16,942 $110,473
Weighted average common shares outstanding 67,947 67,852 67,550
Net effect of dilutive stock options and restricted
stock based on the treasury stock method 73 179 833
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Outstanding shares for diluted earnings per share 68,020 68,031 68,383
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Diluted earnings per share from continuing operations $ 0.52 $ 0.25 $ 1.62
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