CALCULATION OF EARNINGS PER SHARE
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
Thirteen weeks ended Twenty-six weeks ended
June 25, June 27, June 25, June 27,
2000 1999 2000 1999
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Basic earnings:
Income from continuing operations $ 265,762 $ 267,614 $ 468,779 $ 437,582
Discontinued operations:
Earnings from operation of
cable business 0 9,356 2,437 18,281
Gain on sale of cable business 0 0 744,700 0
Net income $ 265,762 $ 276,970 $ 1,215,916 $ 455,863
Weighted average number of
common shares outstanding 264,410 279,619 269,184 279,466
Earnings from continuing
operations per share-basic $1.01 $0.96 $1.74 $1.56
Earnings from the operation of
cable business per share-basic $0.00 $0.03 $0.01 $0.07
Gains on sale of cable business
per share-basic $0.00 $0.00 $2.77 $0.00
Basic earnings per share $1.01 $0.99 $4.52 $1.63
Diluted earnings:
Income from continuing operations $ 265,762 $ 267,614 $ 468,779 $ 437,582
Discontinued operations:
Earnings from operation of
cable business 0 9,356 2,437 18,281
Gain on sale of cable business 0 0 744,700 0
Net income $ 265,762 $ 276,970 $ 1,215,916 $ 455,863
Weighted average number of
common shares outstanding 264,410 279,619 269,184 279,466
Dilutive effect of outstanding
stock options and stock
incentive rights 1,884 2,593 2,050 2,483
Weighted average number of
shares outstanding, as adjusted 266,294 282,212 271,234 281,949
Earnings from continuing
operations per share-diluted $1.00 $0.95 $1.73 $1.55
Earnings from the operation of
cable business per share-diluted $0.00 $0.03 $0.01 $0.07
Gains on sale of cable business
per share-diluted $0.00 $0.00 $2.74 $0.00
Diluted earnings per share $1.00 $0.98 $4.48 $1.62