Exhibit 11
CALCULATION OF EARNINGS PER SHARE
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
| Thirteen weeks ended | ||||||
| Sept. 26, 2004 | Sept. 28, 2003 | |||||
Basic earnings: | ||||||
Net income | $ | 310,209 | $ | 279,032 | ||
Weighted average number of common shares outstanding | 261,146 | 269,815 | ||||
Earnings per share - basic | $ | 1.19 | $ | 1.03 | ||
Diluted earnings: | ||||||
Net income | $ | 310,209 | $ | 279,032 | ||
Weighted average number of common shares outstanding | 261,146 | 269,815 | ||||
Dilutive effect of outstanding stock options and stock incentive rights | 2,658 | 2,359 | ||||
Weighted average number of shares outstanding, as adjusted | 263,804 | 272,174 | ||||
Earnings per share - diluted | $ | 1.18 | $ | 1.03 | ||
| Thirty-nine weeks ended | ||||||
| Sept. 26, 2004 | Sept. 28, 2003 | |||||
Basic earnings: | ||||||
Net income | $ | 939,049 | $ | 853,175 | ||
Weighted average number of common shares outstanding | 267,898 | 268,947 | ||||
Earnings per share - basic | $ | 3.51 | $ | 3.17 | ||
Diluted earnings: | ||||||
Net income | $ | 939,049 | $ | 853,175 | ||
Weighted average number of common shares outstanding | 267,898 | 268,947 | ||||
Dilutive effect of outstanding stock options and stock incentive rights | 2,964 | 2,167 | ||||
Weighted average number of shares outstanding, as adjusted | 270,862 | 271,114 | ||||
Earnings per share - diluted | $ | 3.47 | $ | 3.15 | ||