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EXHIBIT 11
J. BAKER, INC. AND SUBSIDIARIES
Computation of Net Earnings Per Common Share*
(Unaudited)
<TABLE>
Quarters Ended Six Months Ended
----------------------------- ---------------------
July 29, July 31, July 29, July 31,
2000 1999 2000 1999
---- ---- ---- ----
Numerator for earnings per common share calculation:
<S> <C> <C> <C> <C>
Net earnings available to common
shareholders, basic $ 3,459,872 $ 3,374,028 $ 5,004,753 $ 4,354,018
Dilutive effect of convertible
subordinated notes $ 784,000 $ - $ - $ -
----------- ----------- ----------- -----------
Net earnings available to common
shareholders, diluted $ 4,243,872 $ 3,374,028 $ 5,004,753 $ 4,354,018
----------- ----------- ----------- -----------
Denominator for earnings per common share calculation:
Weighted average common shares, basic 14,067,526 14,064,619 14,067,526 14,064,573
Effect of dilutive securities:
Convertible subordinated notes 4,341,085 - - -
Stock options 316,154 553,323 365,671 239,119
----------- ----------- ----------- -----------
Weighted average common shares, diluted 18,724,765 14,617,942 14,433,197 14,303,692
----------- ----------- ----------- -----------
Basic earnings per common share $ 0.25 $ 0.24 $ 0.36 $ 0.31
=========== =========== =========== ===========
Diluted earnings per common share $ 0.23 $ 0.23 $ 0.35 $ 0.30
=========== =========== =========== ===========
</TABLE>
* This calculation is submitted in accordance with Item 601(b)(11) of Regulation
S-K.
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