1 Exhibit 11 Dean Foods Company and Subsidiaries Computation of Basic and Diluted Income Per Share ------------------------------------------------- (In thousands, except per share data) For the fiscal year ended May 2000 1999 1998 ---------- ---------- ---------- Income from Continuing Operations $ 106,118 $ 70,331 $ 87,980 Income (Loss) from Discontinued Operations - (2,929) 18,322 Gain on Sale of Discontinued Operations - 83,820 - ---------- ---------- ---------- Net Income $ 106,118 $ 151,222 $ 106,302 ========== ========== ========== BASIC INCOME (LOSS) PER SHARE: Income from Continuing Operations $ 2.79 $ 1.77 $ 2.17 Income (Loss) from Discontinued Operations - (.07) .46 Gain on Sale of Discontinued Operations - 2.10 - ---------- ---------- ---------- Net Income $ 2.79 $ 3.80 $ 2.63 ========== ========== ========== Weighted average common shares outstanding 37,965 39,842 40,469 ========== ========== ========== DILUTED INCOME (LOSS) PER SHARE: Income from Continuing Operations $ 2.77 $ 1.74 $ 2.13 Income (Loss) from Discontinued Operations - (.07) .44 Gain on Sale of Discontinued Operations - 2.07 - ---------- ---------- ---------- Net Income $ 2.77 $ 3.74 $ 2.57 ========== ========== ========== Adjusted weighted average common shares* 38,311 40,482 41,395 ========== ========== ========== * Includes weighted average number of potential common shares outstanding. Potential common shares consist solely of the outstanding options under the Company's stock options plan. 21