1 Exhibit 11 Dean Foods Company and Subsidiaries Computation of Basic and Diluted Income Per Share ------------------------------------------------- (In thousands, except per share data) 1998 1997 1996 ---- ---- ---- Income (Loss) from Continuing Operations $ 87,980 $73,988 $(16,865) Income (Loss) from Discontinued Operations 18,322 12,716 (32,823) -------- ------- -------- Net Income (Loss) $106,302 $86,704 $(49,688) ======== ======= ======== BASIC INCOME (LoSS) PER SHARE: Income (Loss) from Continuing Operations $2.17 $1.84 $ (.42) Income (Loss) from Discontinued Operations .46 .32 (.82) ----- ----- ------- Net Income (Loss) $2.63 $2.16 $ (1.24) ===== ===== ======= Weighted average common shares outstanding 40,469 40,181 40,122 ====== ====== ======= DILUTED INCOME (LOSS) PER SHARE: Income (Loss) from Continuing Operations $2.13 $1.83 $ (.42) Income (Loss) from Discontinued Operations .44 .32 (.82) ----- ----- ------- Net Income $2.57 $2.15 $ (1.24) ===== ===== ======= Adjusted weighted average common shares* 41,395 40,377 40,140 ====== ====== ======= * Includes weighted average number of potential common shares outstanding. Potential common shares consist solely of the outstanding options under the Company's stock options plans.