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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6/12/99 6/13/98 6/12/99 6/13/98
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Shares outstanding at
beginning of period............... 1,476 1,491 1,471 1,502
Weighted average of shares issued
during the period for exercise
of stock options.................. 3 3 5 12
Weighted average shares repurchased.. (5) (9) (2) (23)
-------- --------- ---------- ---------
Average shares outstanding - Basic. 1,474 1,485 1,474 1,491
Effect of dilutive securities
Dilutive shares contingently
issuable upon the exercise of
stock options................... 134 155 147 158
Shares assumed to have been
purchased for treasury with
assumed proceedsfrom the exercise
of stock options..... (103) (110) (114) (115)
-------- --------- ---------- -------
Average shares outstanding -
Assuming dilution................ 1,505 1,530 1,507 1,534
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Net Income......................... $ 743 $ 494 $1,076 $ 871
======== ========= ========== ========
Net Income Per Share - Basic....... $0.50 $ 0.33 $ 0.73 $ 0.58
======== ========= ========== ========
Net Income Per Share - Assuming
dilution.......................... $0.49 $ 0.33 $ 0.71 $ 0.57
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-31-