1 Exhibit 11 Dean Foods Company Computation of Basic and Diluted Income Per Share (In thousands, except for per share amounts) Third Quarter Ended Nine Months Ended -------------------- ----------------- February 27, February 28 ,February 27, February 28, 2000 1999 2000 1999 -------- -------- ---------- ----------- Income from Continuing Operations $ 25,177 $ 3,280 $ 80,022 $ 49,547 Loss from Discontinued Operations -- -- -- (2,929) Gain on Sale of Discontinued Operations -- -- 83,820 -------- -------- ---------- ----------- Net Income $ 25,177 $ 3,280 $ 80,022 $ 130,438 ======== ======== ========== =========== BASIC INCOME (LOSS) PER SHARE: Income from Continuing Operations $ .67 $ .08 $ 2.07 $ 1.23 Loss from Discontinued Operations -- -- (.07) Gain on Sale of Discontinued Operations -- -- -- 2.10 -------- -------- ---------- ----------- Net Income $ .67 $ .08 $ 2.07 $ 3.26 ======== ======== ========== =========== Weighted average common shares outstanding 37,335 40,245 38,584 39,998 ======== ======== ========== =========== DILUTED INCOME (LOSS) PER SHARE: Income from Continuing Operations $ .67 $ .08 $ 2.05 $ 1.22 Loss from Discontinued Operations -- -- (.07) Gain on Sale of Discontinued Operations -- -- 2.05 -------- -------- ---------- ----------- Net Income $ .67 $ .08 $ 2.05 $ 3.20 ======== ======== ========== =========== Adjusted weighted average common shares* 37,652 40,737 39,094 40,733 ======== ======== ========== =========== * Includes weighted average number of potential common shares outstanding. Potential common shares consist solely of the outstanding options under the Company's stock option plan. 13