EXHIBIT 11
GENERAL MILLS, INC.
COMPUTATION OF EARNINGS PER SHARE
(In Millions, Except per Share Data)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
-------------------- -----------------------
February 22, February 23, February 22,February 23,
1998 1997 1998 1997
---- ---- ---- ----
Net Earnings $131.1 $122.8 $330.0 $377.2
====== ====== ====== ======
Computation of Shares:
Weighted average number of shares
outstanding, excluding shares held in
treasury (a) 158.3 157.5 158.7 157.3
Net shares resulting from the assumed
exercise of certain stock options (b) 4.4 4.2 4.1 3.5
Shares potentially issuable under
compensation plans .1 .1 .1 -
-- -- -- ---
Total common shares and common share
equivalents 162.8 161.8 162.9 160.8
===== ===== ===== =====
Earnings per Share $ .83 $ .78 $ 2.08 $ 2.40
====== ====== ====== ======
Earnings per Share - Assuming Dilution $ .81 $ .76 $ 2.03 $ 2.35
====== ====== ====== ======
Notes to Exhibit 11:
(a) Computed as weighted average of net shares outstanding on stock-exchange
trading days.
(b) Common share equivalents are computed by the "treasury stock" method. This
method first determines the number of shares issuable under stock options
that had an option price below the average market price for the period, and
then deducts the number of shares that could have been repurchased with the
proceeds of options exercised.