CULP, INC. SCHEDULE OF COMPUTATION OF EARNINGS PER SHARE For the years ended April 30, 1995, May 1, 1994 and May 2, 1993 EXHIBIT 11 YEARS ENDED April 30, May 1, May 2, PRIMARY 1995 1994 1993 Net income $ 9,775,000 $ 7,665,000 $ 4,501,000 Weighted average common shares and other common stock equivalents: Common stock outstanding 11,203,160 11,075,988 10,874,622 Stock options 269,991 195,149 172,912 11,473,151 11,271,137 11,047,534 Shares used in computation 11,203,160 (1) 11,075,988 (1) 10,874,622 (1) Primary earnings per share $ 0.87 $ 0.69 $ 0.41 FULLY DILUTED Net income $ 9,775,000 $ 7,665,000 $ 4,501,000 Weighted average common shares, other common stock equivalents and other potentially dilutive securities: Common stock outstanding 11,203,160 11,075,988 10,874,622 Stock options 271,108 195,149 172,912 Convertible note payable 66,955 - - 11,541,223 (2) 11,271,137 (2) 11,047,534 (2) Shares used in computation 11,203,160 11,075,988 10,874,622 Fully diluted earnings per share $ 0.87 $ 0.69 $ 0.41 (1) Dilution is less than 3%. Therefore, common stock equivalents have been excluded from the total weighted average common shares. (2) Dilution is less than 3%. Therefore, common stock equivalents and other potentially dilutive securitires have been excluded from the total weighted average common shares.