1
EXHIBIT 11 -- STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
12 WEEKS ENDED
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JUNE 21, JUNE 22,
1997 1996
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PRIMARY:
Weighted average shares outstanding.......................... 8,395,163 8,394,966
Net effect of dilutive stock options -- based on the treasury
stock method.............................................. 50,157 0(a)
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Total.................................................. 8,445,320 8,394,966
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Net income (loss)............................................ $2,899,379 $(7,111,787)
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Per share amount.......................................... $ 0.34 $ (0.85)
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FULLY DILUTED:
Weighted average shares outstanding.......................... 8,395,163 8,394,966
Net effect of dilutive stock options -- based on the treasury
stock method using average market price................... 62,281 0(a)
Assumed conversion of 7% convertible subordinated
debentures issued March 5, 1993........................... 1,290,323 0(a)
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Total.................................................. 9,747,767 8,394,966
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Net income (loss)............................................ $2,899,379 $(7,111,787)
Add 7% convertible subordinated debenture interest, net of tax
effect.................................................... 229,837 0(a)
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$3,129,216 $(7,111,787)
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Per share amount....................................... $ 0.32 $ (0.85)
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(a) Antidilutive common stock equivalents excluded.
2
EXHIBIT 11 -- STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
(All amounts in thousands except per share amounts)
YEAR ENDED
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March 29, March 30, April 1,
1997 1996 1995
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PRIMARY EARNINGS PER SHARE:
Average shares outstanding................................... 8,395 8,403 8,424
Net effect of dilutive stock options -- based on the
Treasury Stock method using average market price......... 38 36 5
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Total primary shares and equivalents......................... 8,433 8,439 8,429
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Net income (loss)............................................ $ (244) $9,033 $8,573
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Per primary share amount................................. $(0.03) $ 1.07 $ 1.02
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FULLY DILUTED EARNINGS PER SHARE:
Average shares outstanding................................... 8,395 8,403 8,424
Net effect of dilutive stock options -- based on the
Treasury Stock method using higher of average market
or last price............................................ 74 47 6
Assumed conversion of 7% convertible subordinated
debentures............................................... 1,290 1,290 1,290
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Total shares and equivalents........................... 9,759 9,740 9,720
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Net income (loss)............................................ $ (244) $9,033 $8,573
Add 7% convertible subordinated debentures interest, net
of tax benefit........................................... 877 895 948
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Total $ 633 $9,928 $9,521
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Per fully diluted share amount...................... $ 0.06(a) $ 1.02 $ 0.98
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(a) For financial reporting purposes, adjusted to exclude the effects of
antidilutive stock options and convertible subordinated debentures of
$0.09.