SMITHFIELD FOODS, INC.
                                   EXHIBIT 11
                      COMPUTATION OF NET INCOME PER SHARE

Net income and the number of shares and common equivalent shares used in the computation of net income per
share were computed as follows:

                                             13 Weeks          13 Weeks         26 Weeks         26 Weeks
                                              Ended             Ended            Ended            Ended
                                          Oct. 30, 1994     Oct. 31, 1993    Oct. 30, 1994    Oct. 31, 1993
Income (in thousands)
                                                                                  
Net income                                $       7,802     $         923    $      10,172    $         554

Dividends accumulated for Series B
   preferred stock                                 (169)             (169)            (338)   $        (338)

Net income available to
   common stockholders                    $       7,633      $        754    $       9,834    $         216

Shares (in thousands)
Weighted average shares:
   Outstanding                                   16,343            16,275           16,311           16,275
   Net effect of dilutive stock options             738               462              723              456

      Shares for computation                     17,081            16,737           17,034           16,731

Net income per share                      $         .45     $         .04    $         .58    $         .01