EXHIBIT 11
PEPSICO, INC. AND SUBSIDIARIES
Computation of Net Income Per Share of Capital Stock - Primary
(in millions except per share amounts, unaudited)
12 Weeks Ended
3/22/97 3/23/96
Shares outstanding at beginning
of period 1,545 1,576
Weighted average of shares issued
during the period for exercise of
stock options, conversion of
debentures and payment of compensation
awards 3 4
Shares repurchased (weighted) (4) (5)
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 39 44
Total shares - primary 1,583 1,619
Net income $ 427 $ 394
Net income per share - primary $ 0.27 $ 0.24
- - -22-
PEPSICO, INC. AND SUBSIDIARIES
Computation of Net Income Per Share of Capital Stock - Fully Diluted
(in millions except per share amounts, unaudited)
12 Weeks Ended
3/22/97 3/23/96
Shares outstanding at beginning
of period 1,545 1,576
Shares issued during the period for
exercise of stock options, conversion
of debentures and payment of
compensation awards 5 9
Shares repurchased (weighted) (4) (5)
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 39 44
Total shares - fully diluted 1,585 1,624
Net income $ 427 $ 394
Net income per share - fully diluted $ 0.27 $ 0.24
- - -23-