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EXHIBIT 11.1
PAYLESS SHOESOURCE, INC.
COMPUTATION OF NET EARNINGS PER SHARE
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<CAPTION>
13 Weeks Ended
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April 29, May 1,
(Thousands, except per share) 2000 1999
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<S> <C> <C>
Basic Computation:
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Net earnings $ 25,467 $ 35,270
Weighted average common
shares outstanding 28,449 32,255
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Basic earnings per share $ 0.90 $ 1.09
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Diluted Computation:
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Net earnings $ 25,467 $ 35,270
Weighted average common
shares outstanding 28,449 32,255
Net effect of dilutive stock
options based on the treasury
stock method 107 174
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Outstanding shares for diluted
earnings per share 28,556 32,429
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Diluted earnings per share $ 0.89 $ 1.09
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Note: Basic earnings per share is computed by dividing net earnings by the
weighted average number of shares of common stock outstanding during the period.
Diluted earnings per share includes the effect of conversions of options.
