EXHIBIT 11
(Page 1 of 2)
PEPSICO, INC. AND SUBSIDIARIES
Computation of Net Income Per Share of Capital Stock - Primary
Years Ended December 30, 1995, December 31, 1994 and December 25, 1993
(in millions except per share amounts)
1995 1994 1993
(52 weeks) (53 weeks) (52 weeks)
---------- ---------- ----------
Shares outstanding at beginning
of year........................... 790 799 799
Weighted average of shares issued
during the year for exercise of
stock options, acquisitions,
conversion of debentures and
payment of compensation awards.... 5 3 5
Shares repurchased (weighted)....... (7) (8) (8)
Dilutive shares contingently issuable
upon exercise of stock options,
conversion of debentures and payment
of compensation awards, net of
shares assumed to have been purchased for
treasury (at the average price) with
assumed proceeds from exercise of
stock options and compensation
awards............................ 16 10 14
------- ------ ------
Total shares - primary.............. 804 804 810
======= ====== ======
Income before cumulative effect of
accounting changes................. $ 1,606 $1,784 $1,588
Cumulative effect of accounting
changes:
Postemployment benefits......... - (55) -
Pension assets.................. - 23 -
------- ------ ------
Net income as adjusted.............. $ 1,606 $1,752 $1,588
======= ====== ======
Income (charge) per share:
Before cumulative effect of
accounting changes................ $ 2.00 $ 2.22 $ 1.96
Cumulative effect of
accounting changes:
Postemployment benefits........ (0.07) -
Pension assets................. 0.03 -
------- ------ ------
Net income per share - primary...... $ 2.00 $ 2.18 $ 1.96
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EXHIBIT 11
(Page 2 of 2)
PEPSICO, INC. AND SUBSIDIARIES
Computation of Net Income Per Share of Capital Stock - Fully Diluted
Years Ended December 30, 1995, December 31, 1994 and December 25, 1993
(in millions except per share amounts)
1995 1994 1993
(52 weeks) (53 weeks) (52 weeks)
---------- ---------- ----------
Shares outstanding at beginning
of year........................... 790 799 799
Shares issued during the year for
exercise of stock options,
acquisitions, conversion of
debentures and payment of
compensation awards.... 11 6 12
Shares repurchased (weighted)....... (7) (8) (8)
Dilutive shares contingently issuable
upon exercise of stock options,
conversion of debentures and payment
of compensation awards, net of
shares assumed to have been purchased for
treasury (at the higher of average or
quarter-end price) with assumed
proceeds from exercise of stock
options and compensation awards... 15 9 14
------- -------- --------
Total shares - fully diluted........ 809 806 817
======= ======== ========
Income before cumulative effect of
accounting changes................. $ 1,606 $ 1,784 $ 1,588
Cumulative effect accounting
changes:
Postemployment benefits......... - (55) -
Pension assets.................. - 23 -
------- -------- --------
Net income as adjusted.............. $ 1,606 $ 1,752 $ 1,588
======= ======= =======
Income (charge) per share:
Before cumulative effect of
accounting changes................ $ 1.99 $ 2.21 $ 1.94
Cumulative effect of accounting
changes:
Postemployment benefits........ - (0.07) -
Pension assets................. - 0.03 -
Net income per share -.............. ------- ------ -------
fully diluted...................... $ 1.99 $ 2.17 $ 1.94
======= ======= =======