1 Exhibit 11 FRESH FOODS, INC. AND SUBSIDIARIES Computation of Earnings per Share YEAR ENDED ------------------------------------------------------- MARCH 6, FEBRUARY 27, FEBRUARY 27, 1999 1998 1997 ---------------- ----------------- ----------------- COMPUTATION OF EARNINGS PER COMMON SHARE - BASIC: Earnings before extraordinary item $ 2,495,192 2,250,000 2,025,005 Extraordinary gain (loss) from early extinguishment of debt (net of income taxes) (64,335) -- 414,784 ----------- ----------- ----------- Net Earnings $ 2,430,857 2,250,000 2,439,789 =========== =========== =========== Actual outstanding shares at beginning of period 5,898,449 5,326,948 2,958,538 Add (deduct) weighted average shares applicable to: Common stock purchased (11,337) (114,582) -- Common stock issued 11,727 441,622 2,176,814 ----------- ----------- ----------- Weighted average shares as adjusted - basic 5,898,839 5,653,988 5,135,352 =========== =========== =========== Earnings before extraordinary items - basic $ 0.42 $ 0.40 $ 0.40 Extraordinary gain (loss) from early extinguishment of debt (net of income taxes) (0.01) -- 0.08 ----------- ----------- ----------- Earnings per common share - basic $ 0.41 $ 0.40 $ 0.48 =========== =========== =========== COMPUTATION OF EARNINGS PER COMMON SHARE - DILUTED: Earnings before extraordinary items $ 2,495,192 2,250,000 2,025,005 Extraordinary loss from early extinguishment of debt (net of income taxes) (64,335) -- 414,784 ----------- ----------- ----------- Net earnings $ 2,430,857 2,250,000 2,439,789 =========== =========== =========== Actual outstanding shares at beginning of period 5,898,449 5,326,948 2,958,538 Add (deduct) weighted average shares applicable to: Common stock purchased (11,337) (114,582) -- Common stock issued 11,727 441,622 2,176,814 Common stock options exercised 3,589 211,964 40,211 Common stock options cancelled or forfeited 30,507 -- -- Common stock options outstanding 126,681 251,081 276,353 ----------- ----------- ----------- Weighted average shares as adjusted - diluted 6,059,616 6,117,033 5,451,916 =========== =========== =========== Earnings before extraordinary items - diluted $ 0.41 $ 0.37 $ 0.37 Extraordinary loss from early extinguishment of debt (net of income taxes) (0.01) -- 0.08 ----------- ----------- ----------- Earnings per common share - diluted $ 0.40 $ 0.37 $ 0.45 =========== =========== ===========