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 36 Weeks Ended
----------------- -----------------
9/4/99 9/5/98 9/4/99 9/5/98
------- ------- ------- -------
Shares outstanding at beginning of period... 1,467 1,476 1,471 1,502
Weighted average of shares issued during
the period for exercise of stock options.... 3 3 8 15
Weighted average shares repurchased......... (7) (6) (9) (32)
------- ------- ------- -------
Average shares outstanding - Basic.......... 1,463 1,473 1,470 1,485
Effect of dilutive securities
Dilutive shares contingently issuable
upon the exercise of stock options....... 126 152 140 156
Shares assumed to have been
repurchased with assumed proceeds
from the exercise of stock options....... (97) (114) (108) (115)
------- ------- ------- -------
Average shares outstanding -
Assuming dilution......................... 1,492 1,511 1,502 1,526
======= ======= ======= =======
Net Income.................................. $ 484 $ 761 $1,560 $1,632
======= ======= ======= =======
Net Income Per Share - Basic................ $ 0.33 $ 0.52 $ 1.06 $ 1.10
======= ======= ======= =======
Net Income Per Share - Assuming dilution.... $ 0.32 $ 0.50 $ 1.04 $ 1.07
======= ======= ======= =======
-31-