EXHIBIT 11 THE GAP, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE Fifty-two Fifty-three Fifty-two Weeks Ended Weeks Ended Weeks Ended February 1, 1997 February 3, 1996 January 28, 1995 -------------------------------------------------------- Net earnings ($000) $ 452,859 $ 354,039 $ 320,240 ============ ============ ============ Weighted average shares of common stock outstanding during the period 283,330,290 288,062,430 291,141,076 Add incremental shares from assumed exercise of stock options (primary) 3,731,352 1,292,990 1,148,118 ------------ ------------ ------------ 287,061,642 289,355,420 292,289,194 ============ ============ ============ Primary earnings per share $ 1.58 $ 1.22 $ 1.10 ============ ============ ============ Weighted average shares of common stock outstanding during the period 283,330,290 288,062,430 291,141,076 Add incremental shares from assumed exercise of stock options (fully-diluted) 3,732,467 2,311,716 1,178,832 ------------ ------------ ------------ 287,062,757 290,374,146 292,319,908 ============ ============ ============ Fully-diluted earnings per share $ 1.58 $ 1.22 $ 1.10 ============ ============ ============ NOTE: (1) The information provided above is presented in accordance with Regulation S-K, Item 601(b)(11), while net earnings per share on the Consolidated Statements of Earnings is presented in accordance with APB Opinion 15. The information in this exhibit is not required under APB Opinion 15, as the difference between primary and fully-diluted earnings per share and earnings per share calculated on a weighted average share bases is less than 3%. (2) All share and per share data have been restated to reflect the 2-for-1 split of common stock in the form of a stock dividend effective April 10, 1996.