1
 
                                                                    EXHIBIT 11.1
 
                         CARL KARCHER ENTERPRISES, INC.

 
                   COMPUTATION OF PRIMARY EARNINGS PER SHARE*
                 (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
 



FISCAL YEAR ENDED JANUARY                 1993          1992        1991        1990        1989
- -------------------------                -------       -------     -------     -------     -------
                                                                            
Net income (loss)......................  $(5,507)      $13,038     $13,036     $ 5,551     $20,767
                                         -------       -------     -------     -------     -------
                                         -------       -------     -------     -------     -------
Weighted average shares outstanding:
  Common stock outstanding from
     beginning of year.................   17,918        18,017      17,917      17,754      23,390
  Pro-rata shares:
     Exercise of stock options.........      116            90          21         121          94
     Debenture conversion..............       --            --          --          --          --
     Repurchase and retirement of
       shares..........................       --          (208)         --          --      (2,626)
  Dilutive effect of outstanding stock
     options...........................      294 (1)       293         229         906         646
                                         -------       -------     -------     -------     -------
                                          18,328        18,192      18,167      18,781      21,504
                                         -------       -------     -------     -------     -------
                                         -------       -------     -------     -------     -------
Primary earnings (loss) per share......  $  (.30)(1)   $   .72     $   .72     $   .30     $   .97
                                         -------       -------     -------     -------     -------
                                         -------       -------     -------     -------     -------

[/R]
 
- ---------------
 
   
 *  Per share data have been adjusted for a two-for-one stock split effective
    July 14, 1989.
    
 
   
(1) This calculation is submitted in accordance with Regulation S-K Item
    601(b)(11) although it is contrary to paragraph 40 of Accounting Principles
    Board Opinion No. 15 because it produces an antidilutive effect.
    
   2
 
   
                                                        EXHIBIT 11.1 (CONTINUED)
    
 
   
                         CARL KARCHER ENTERPRISES, INC.
    
 
   
                COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE*
    
   
                 (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
    
 
   


       FISCAL YEAR ENDED JANUARY          1993          1992        1991        1990        1989
- ---------------------------------------  -------       -------     -------     -------     -------
                                                                            
Net income (loss)......................  $(5,507)      $13,038     $13,036     $ 5,551     $20,767
Interest expense on assumed debenture
  conversion...........................       --            --          --          --          --
                                         -------       -------     -------     -------     -------
  Adjusted net income..................  $(5,507)      $13,038     $13,036     $ 5,551     $20,767
                                         -------       -------     -------     -------     -------
                                         -------       -------     -------     -------     -------
Weighted average shares outstanding:
  Common stock outstanding from
     beginning of year.................   17,918        18,017      17,917      17,754      23,390
  Pro-rata shares:
     Exercise of stock options.........      116            90          21         121          94
     Debenture conversion..............       --            --          --          --          --
     Repurchase and retirement of
       shares..........................       --          (208)         --          --      (2,626)
Dilutive effect of outstanding stock
  options..............................      334(1)        309         229         933         922
                                         -------       -------     -------     -------     -------
                                          18,368        18,208      18,167      18,808      21,780
                                         -------       -------     -------     -------     -------
                                         -------       -------     -------     -------     -------
Fully diluted earnings (loss) per
  share................................  $  (.30)(1)   $   .72     $   .72     $   .30     $   .95
                                         -------       -------     -------     -------     -------
                                         -------       -------     -------     -------     -------

    
 
- ---------------
 
   
 *  Per share data have been adjusted for a two-for-one stock split effective
    July 14, 1989.
    
 
   
(1) This calculation is submitted in accordance with Regulation S-K item
    601(b)(11) although it is contrary to paragraph 40 of Accounting Principles
    Board Opinion No. 15 because it produces an antidilutive effect.