CALCULATION OF EARNINGS PER SHARE
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)
Thirteen weeks ended Thirty-nine weeks ended
Sept. 24, Sept. 26, Sept. 24, Sept. 26,
2000 1999 2000 1999
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Basic earnings:
Income from continuing operations $ 208,263 $ 197,780 $ 677,042 $ 635,362
Discontinued operations:
Earnings from operation of
cable business 0 9,699 2,437 27,980
Gain on sale of cable business 0 0 744,700 0
Net income $ 208,263 $ 207,479 $1,424,179 $ 663,342
Weighted average number of
common shares outstanding 263,665 279,581 267,344 279,505
Earnings from continuing
operations per share-basic $0.79 $0.70 $2.53 $2.27
Earnings from the operation of
cable business per share-basic $0.00 $0.04 $0.01 $0.10
Gains on sale of cable business
per share-basic $0.00 $0.00 $2.79 $0.00
Basic earnings per share $0.79 $0.74 $5.33 $2.37
Diluted earnings:
Income from continuing operations $ 208,263 $ 197,780 $ 677,042 $ 635,362
Discontinued operations:
Earnings from operation of
cable business 0 9,699 2,437 27,980
Gain on sale of cable business 0 0 744,700 0
Net income $ 208,263 $ 207,479 $1,424,179 $ 663,342
Weighted average number of
common shares outstanding 263,665 279,581 267,344 279,505
Dilutive effect of outstanding
stock options and stock
incentive rights 1,567 2,619 1,890 2,530
Weighted average number of
shares outstanding, as adjusted 265,232 282,200 269,234 282,035
Earnings from continuing
operations per share-diluted $0.79 $0.70 $2.51 $2.25
Earnings from the operation of
cable business per share-diluted $0.00 $0.04 $0.01 $0.10
Gains on sale of cable business
per share-diluted $0.00 $0.00 $2.77 $0.00
Diluted earnings per share $0.79 $0.74 $5.29 $2.35