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EXHIBIT 11
PAYLESS SHOESOURCE, INC.
COMPUTATION OF NET EARNINGS PER SHARE
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<CAPTION>
13 Weeks Ended 39 Weeks Ended
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Oct. 28, Oct. 30, Oct. 28, Oct. 30,
(Thousands, except per share) 2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Basic Computation:
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Net earnings $ 32,371 $ 34,618 $106,636 $121,232
Weighted average common
shares outstanding 22,126 30,926 24,293 31,591
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Basic earnings per share $ 1.46 $ 1.12 $ 4.39 $ 3.84
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Diluted Computation:
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Net earnings $ 32,371 $ 34,618 $106,636 $121,232
Weighted average common
shares outstanding 22,126 30,926 24,293 31,591
Net effect of dilutive stock
options based on the treasury
stock method 382 161 260 185
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Outstanding shares for diluted
earnings per share 22,508 31,087 24,553 31,776
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Diluted earnings per share $ 1.44 $ 1.11 $ 4.34 $ 3.82
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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.
