1
EXHIBIT 11
FRESH FOODS, INC.
AND SUBSIDIARIES
Computation of Per Share Earnings
Twelve Months Ended Three Months Ended
1996 1997 1998 May 23, 1997 May 22, 1998
----------- ----------- ----------- ------------ ------------
Computation of Earnings Per Common
Share - Basic:
Net earnings $ 2,010,358 $ 2,439,789 $ 2,250,000 $ 1,002,012 $ 339,008
=========== =========== =========== =========== ==========
Actual outstanding shares beginning of year 2,828,009 2,958,538 5,326,948 5,326,948 5,898,449
Add (deduct) weighted average shares applicable to:
Common stock purchased (114,582) (18,769)
Common stock issued 120,417 2,176,814 441,622 326,989
Common stock pro forma adjustment 1,826,154 3,573 3,132
----------- ----------- ----------- ----------- ----------
Weighted average shares, as adjusted 4,774,580 5,135,352 5,653,988 5,638,741 5,801,581
=========== =========== =========== =========== ==========
Earnings per common share - Basic $ .42 $ .48 $ .40 $ .18 $ .06
=========== =========== =========== =========== ==========
Computation of Earnings Per Common
Share - Diluted:
Net earnings $ 2,010,358 $ 2,439,789 $ 2,250,000 $ 1,002,012 $ 339,008
=========== =========== =========== =========== ==========
Actual outstanding shares beginning of year 2,828,009 2,958,538 5,326,948 5,326,948 5,898,449
Add (deduct) weighted average shares applicable to:
Common stock purchased (114,582)
Common stock issued 120,417 2,176,814 441,622 (18,769)
Common stock pro forma adjustment 1,826,154 326,989
Common stock options exercised 10,112 40,211 211,964 3,573 3,132
Common stock options outstanding 158,774 276,353 251,081 421,310 544,276
----------- ----------- ----------- ----------- ----------
Weighted average shares, as adjusted 4,943,466 5,451,916 6,117,033 $ 6,060,051 6,445,857
=========== =========== =========== =========== ==========
Earnings per common share - Diluted $ .41 $ .45 $ .37 $ .17 $ .05
=========== =========== =========== =========== ==========