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EXHIBIT 11
GENERAL MILLS, INC.
COMPUTATION OF EARNINGS PER SHARE
<Table>
<Caption>
THIRTEEN THIRTY-NINE
WEEKS ENDED WEEKS ENDED
------------------- -------------------
FEB. 23, FEB. 24, FEB. 23, FEB. 24,
2003 2002 2003 2002
-------- -------- -------- --------
(IN MILLIONS, EXCEPT PER SHARE DATA)
Net Earnings............................................... $240 $ 82 $ 692 $ 401
==== ==== ===== =====
Average Number of Common Shares -- Basic EPS(a)............ 369 366 368 319
Incremental Share Effect from:
-- Stock options(b)...................................... 9 12 8 11
-- Restricted stock, stock rights and puts............... 1 -- 1 --
---- ---- ----- -----
Average Number of Common Shares -- Diluted EPS............. 379 378 377 330
==== ==== ===== =====
Earnings per Share -- Basic................................ $.65 $.23 $1.88 $1.26
==== ==== ===== =====
Earnings per Share -- Diluted.............................. $.63 $.22 $1.84 $1.22
==== ==== ===== =====
</Table>
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Notes to Exhibit 11:
(a) Computed as the weighted average of net shares outstanding on stock-exchange
trading days.
(b) Incremental shares from stock options are computed by the "treasury stock"
method. This method first determines the number of shares issuable under
stock options that had an option price below the average market price for
the period, and then deducts the number of shares that could have been
repurchased with the proceeds of options exercised.