EXHIBIT 11
CONAGRA, INC. AND SUBSIDIARIES
Computation of Income Per Share
(In millions, except per share amounts)
Fiscal Year Ended
-----------------------------------------------
52/53 Weeks
-----------------------------------------------
May 30, May 29, May 28, May 26, May 25,
1993 1994 1995 1996 1997
------- ------- ------- ------- -------
Computation of income per common and
common equivalent share:
Income before cumulative effect of change
in accounting principle $ 391.5 $ 437.1 $ 495.6 $ 188.9 $ 615.0
Less preferred dividends 24.0 24.0 24.0 8.6 -
------- ------- ------- ------- -------
Income available to common stock before
cumulative effect of change in
accounting principle 367.5 413.1 471.6 180.3 615.0
Cumulative effect of change in accounting
principle (121.2) - - - -
------- ------- ------- ------- -------
Income available to common stock $ 246.3 $ 413.1 $ 471.6 $ 180.3 $ 615.0
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Weighted average common shares outstanding 230.3 226.7 226.5 225.7 225.6
Add shares applicable to stock options
using average market price 2.7 1.8 2.5 3.8 3.9
------- ------- ------- ------- -------
Average common and common equivalent
shares outstanding 233.0 228.5 229.0 229.5 229.5
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Income per common and common equivalent share:
Before cumulative effect of change in
accounting principle $ 1.58 $ 1.81 $ 2.06 $ .79 $ 2.68
Cumulative effect of change in
accounting principle (.52) - - - -
------- ------- ------- ------- -------
Net income $ 1.06 $ 1.81 $ 2.06 $ .79 $ 2.68
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Computation of income per common share
assuming full dilution:
Income available to common stock before
cumulative effect of change in accounting
principle $ 367.5 $ 413.1 $ 471.6 $ 180.3 $ 615.0
Add dividends on convertible preferred
stock 24.0 24.0 24.0 8.6 -
------- ------- ------- ------- -------
Net income available to common stock
before cumulative effect of change in
accounting principle assuming full dilution 391.5 437.1 495.6 188.9 615.0
Cumulative effect of change in accounting
principle (121.2) - - - -
------- ------- ------- ------- -------
Net income applicable to common stock
assuming full dilution $ 270.3 $ 437.1 $ 495.6 $ 188.9 $ 615.0
------- ------- ------- ------- -------
------- ------- ------- ------- -------
219
EXHIBIT 11 (CONTINUED)
Fiscal Year Ended
-----------------------------------------------
52/53 Weeks
-----------------------------------------------
May 30, May 29, May 28, May 26, May 25,
1993 1994 1995 1996 1997
------- ------- ------- ------- -------
Weighted average common shares
outstanding 230.3 226.7 226.5 225.7 225.6
Add shares assumed issued for
convertible preferred stock 14.7 14.6 14.6 5.6 -
Add shares applicable to stock options
using the period-end market price if
higher than average market price 2.8 1.9 3.1 4.0 4.1
------- ------- ------- ------- -------
Average common and common equivalent
shares assuming full dilution 247.8 243.2 244.2 235.3 229.7
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Income per common share assuming full
dilution:
Before cumulative effect of change in
accounting principle $ 1.58 $ 1.80 $ 2.03 $ .80 $ 2.68
Cumulative effect of change in accounting
principle (.49) - - - -
------- ------- ------- ------- -------
Net Income $ 1.09 $ 1.80 $ 2.03 $ .80 $ 2.68
------- ------- ------- ------- -------
------- ------- ------- ------- -------