TEGNA (TGNA) 10-Q 2003 Q2 Quarterly report

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