EXHIBIT 11
(Page 1 of 2)
PEPSICO, INC. AND SUBSIDIARIES
Computation of Net Income Per Share of Capital Stock - Primary
Years Ended December 28, 1996, December 30, 1995 and December 31, 1994
(in millions except per share amounts)
1996 1995(a) 1994(a)
---- ---- ----
Shares outstanding at beginning
of year................................. 1,576 1,580 1,598
Weighted average of shares issued
during the year for exercise of
stock options, acquisitions,
conversion of debentures and
payment of compensation awards.......... 13 9 6
Shares repurchased (weighted)............. (25) (13) (16)
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.................................. 42 32 20
----- ----- -----
Total shares - primary.................... 1,606 1,608 1,608
===== ===== =====
Income before cumulative effect of
accounting changes....................... $1,149 $ 1,606 $1,784
Cumulative effect of accounting
changes:
Postemployment benefits............... - - (55)
Pension assets........................ - - 23
------ ------ ------
Net income as adjusted.................... $1,149 $ 1,606 $1,752
Income (charge) per share: ====== ====== ======
Before cumulative effect of
accounting changes...................... $ 0.72 $ 1.00 $ 1.11
Cumulative effect of
accounting changes:
Postemployment benefits.............. - - (0.03)
Pension assets....................... - - 0.01
------ ------- ------
Net income per share - primary............ $ 0.72 $ 1.00 $ 1.09
====== ====== ======
(a) 1995 and 1996 shares have been adjusted to reflect a two-for-one stock
split in May, 1996.
EXHIBIT 11
(Page 2 of 2)
PEPSICO, INC. AND SUBSIDIARIES
Computation of Net Income Per Share of Capital Stock - Fully Diluted
Years Ended December 28, 1996, December 30, 1995 and December 31, 1994
(in millions except per share amounts)
1996 1995(a) 1994(a)
---- ---- ----
Shares outstanding at beginning
of year................................. 1,576 1,580 1,598
Shares issued during the year for exercise
of stock options, acquisitions,
conversion of debentures and
payment of compensation awards.......... 23 21 12
Shares repurchased (weighted)............. (25) (13) (16)
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......... 37 29 18
------ ------ -----
Total shares - fully diluted.............. 1,611 1,617 1,612
===== ===== =====
Income before cumulative effect of
accounting changes....................... $1,149 $1,606 $1,784
Cumulative effect accounting
changes:
Postemployment benefits............... - - (55)
Pension assets........................ - - 23
------ ------ ------
Net income as adjusted.................... $1,419 $1,606 $1,752
====== ====== ======
Income (charge) per share:
Before cumulative effect of
accounting changes...................... $ 0.71 $ 0.99 $ 1.11
Cumulative effect of accounting
changes:
Postemployment benefits.............. - - (0.03)
Pension assets....................... - - 0.01
Net income per share - ------ ------ -------
fully diluted............................ $ 0.71 $ 0.99 $ 1.09
====== ====== ======
(a) 1995 and 1996 shares have been adjusted to reflect a two-for-one stock
split in May, 1996.