EXHIBIT 11.1
BEST BUY CO., INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
(unaudited)
Three Months Ended Nine Months Ended
-------------------------------------------------------------------------
November 27, November 28, November 27, November 28,
1993 1992 1993 1992
------------- ------------- --------------- -------------
Earnings:
Net earnings available
to common shares $ 11,161,000 $ 5,220,000 $ 19,846,000 $ 9,079,000
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Shares:
Weighted average common shares
outstanding 20,840,000 16,910,000 19,737,000 16,856,000
Adjustments:
Assumed issuance of shares
purchased under stock
option plans 718,000 458,000 616,000 397,000
------------- ------------- ------------- -------------
Total common equivalent
shares 21,558,000 17,368,000 20,353,000 17,253,000
------------- ------------- ------------- -------------
Earnings per common share:
Earnings before cumulative
effect of change in accounting
principle $ .52 $ .30 $ 1.00 $ .53
Cumulative effect of change
in accounting for income
taxes (.02)
------------- ------------- ------------- -------------
Net earnings per share $ .52 $ .30 $ .98 $ .53
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
Note: The computation of earnings per common share assuming full dilution is
substantially the same as set forth above.
The share and per share amounts reflect the three-for-two stock split
effective September 1, 1993.