<PAGE>   1
                     Shopko Stores, Inc. and Subsidiaries
              Exhibit 11 - Computation of Earnings Per Common and
                            Common Equivalent Share
                     (In Thousands, Except Per Share Data)

<TABLE>
<CAPTION>
                                         First Half as of                          Fiscal Years Ended          
                         ------------------------------------------------------------------------------------
                             September 7,      September 9,     February 24,     February 25,    February 26,      
                                1996              1995              1996              1995          1994            
                             (28 Weeks)         (28 Weeks)       (52 Weeks)       (52 Weeks)      (52 Weeks)        
                         ------------------------------------------------------------------------------------
<S>                           <C>               <C>               <C>               <C>              <C>
PRIMARY:                                                                                  
Net earnings               
                              $    9,681        $    7,237        $   38,439        $  37,790        $  32,122          
                              ==========        ==========        ==========        =========        =========
Weighted average number of                                                                                              
  outstanding common shares       32,052            32,005            32,005           32,014           32,001          
                                                                                                                        
Number of common shares                                                                                                 
  issuable assuming exercise                                                                                            
  of stock options                   420                36                51                4                           
                              ----------        ----------        ----------        ---------        ---------                     
Weighted average number of                                                                                              
  outstanding common and                                                                                                
  common equivalent shares -                                                                                            
  assuming primary                32,472            32,041            32,056           32,018           32,001          
                              ==========        ==========        ==========        =========        =========
                                                                                                                        
Net earnings per common                                                                                                 
  share - primary (1)         $     0.30        $     0.23        $     1.20        $    1.18        $    1.00          
                              ==========        ==========        ==========        =========        =========
                                                                                                                        
FULLY DILUTED:                                                                                                          
Net earnings                  $    9,681        $    7,237        $   38,439        $  37,790        $  32,122          
                              ==========        ==========        ==========        =========        =========
                                                                                                                        
Weighted average number of                                                                                              
  outstanding common shares       32,052            32,005            32,005           32,014           32,001          
                                                                                                                        
Number of common shares                                                                                                 
  issuable assuming exercise                                                                                            
  of stock options                   611               121                73                4                8          
                              ----------        ----------        ----------        ---------        ---------                     
                                                                                                                        
Weighted average number of                                                                                              
  outstanding common and                                                                                                
  common equivalent shares -                                                                                            
  assuming full dilution          32,663            32,126            32,078           32,018           32,009          
                              ==========        ==========        ==========        =========        =========
                                                                                                                        
Net earnings per common                                                                                                 
  share - assuming full 
  dilution (1)                $     0.30        $     0.23        $     1.20        $    1.18        $    1.00       
                              ==========        ==========        ==========        =========        =========
</TABLE>                                 
                                                                               
(1) Earnings per share are computed by dividing net earnings by the weighted   
    average number of outstanding common and common equivalent shares.