Exhibit 11
CALCULATION OF EARNINGS PER SHARE
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
Thirteen weeks ended | |||||||||
June 29, 2003 | June 30, 2002 | ||||||||
Basic earnings: | |||||||||
Net income | $ | 324,307 | $ | 303,923 | |||||
Weighted average number of common shares outstanding | 268,847 | 266,785 | |||||||
Earnings per share — basic | $ | 1.21 | $ | 1.14 | |||||
Diluted earnings: | |||||||||
Net income | $ | 324,307 | $ | 303,923 | |||||
Weighted average number of common shares outstanding | 268,847 | 266,785 | |||||||
Dilutive effect of outstanding stock options and stock incentive rights | 2,434 | 2,688 | |||||||
Weighted average number of shares outstanding, as adjusted | 271,281 | 269,473 | |||||||
Earnings per share — diluted | $ | 1.20 | $ | 1.13 |
Twenty-six weeks ended | |||||||||
June 29, 2003 | June 30, 2002 | ||||||||
Basic earnings: | |||||||||
Net income | $ | 574,143 | $ | 547,486 | |||||
Weighted average number of common shares outstanding | 268,513 | 266,483 | |||||||
Earnings per share — basic | $ | 2.14 | $ | 2.05 | |||||
Diluted earnings: | |||||||||
Net income | $ | 574,143 | $ | 547,486 | |||||
Weighted average number of common shares outstanding | 268,513 | 266,483 | |||||||
Dilutive effect of outstanding stock options and stock incentive rights | 2,069 | 2,530 | |||||||
Weighted average number of shares outstanding, as adjusted | 270,582 | 269,013 | |||||||
Earnings per share — diluted | $ | 2.12 | $ | 2.04 |