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 24 Weeks Ended
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6/13/98 6/14/97 6/13/98 6/14/97
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Shares outstanding at
beginning of period.......... 1,491 1,539 1,502 1,545
Weighted average of shares
issued during the period for
exercise of stock options... 3 3 12 6
Weighted average shares
repurchased.................. (9) (8) (23) (12)
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Average shares outstanding -
Basic........................ 1,485 1,534 1,491 1,539
Effect of dilutive securities
Dilutive shares contingently
issuable upon the exercise
of stock options........... 155 152 158 152
Shares assumed to have been
purchased for treasury with
assumed proceeds from the
exercise of stock options... (110) (111) (115) (112)
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Average shares outstanding -
Assuming dilution........... 1,530 1,575 1,534 1,579
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Income from Continuing
Operations................... $494 $176 $871 $ 494
Income from Discontinued
Operations.................... - 480 - 589
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Net Income.................... $494 $656 $871 $1,083
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Income per share - Basic
Continuing Operations....... $0.33 $0.11 $0.58 $0.32
Discontinued Operations..... - 0.31 - 0.38
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Net Income.................. $0.33 $0.42 $0.58 $0.70
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Income per share -
Assuming dilution
Continuing Operations....... $0.33 $0.11 $0.57 $0.31
Discontinued Operations..... - 0.31 - 0.38
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Net Income.................. $0.33 $0.42 $0.57 $0.69
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