EXHIBIT 11
PEPSICO, INC. AND SUBSIDIARIES
Computation of Net Income Per Share of Capital Stock
(in millions except per share amounts, unaudited)
12 Weeks Ended
3/21/98 3/22/97
Shares outstanding at beginning of period ........... 1,502 1,545
Weighted average of shares issued during
the period for exercise of stock options.......... 6 3
Weighted average shares repurchased.................. (12) (4)
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Average shares outstanding - Basic................... 1,496 1,544
Effect of dilutive securities
Dilutive shares contingently issuable
upon the exercise of stock options............... 162 153
Shares assumed to have been purchased
for treasury with assumed proceeds
from the exercise of stock options.............. (119) (114)
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Average shares outstanding - Assuming dilution ...... 1,539 1,583
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Income from Continuing Operations ................... $ 377 $ 318
Income from Discontinued Operations.................. - 109
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Net Income .......................................... $ 377 $ 427
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Income per share - Basic
Continuing Operations ............................. $ 0.25 $ 0.21
Discontinued Operations............................ - 0.07
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Net Income ........................................ $ 0.25 $ 0.28
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Income per share - Assuming dilution
Continuing Operations ............................. $ 0.24 $ 0.20
Discontinued Operations............................ - 0.07
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Net Income ........................................ $ 0.24 $ 0.27
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