1 EXHIBIT 11.1 DEL MONTE FOODS COMPANY AND SUBSIDIARIES COMPUTATION OF EARNINGS PER WEIGHTED AVERAGE COMMON SHARE(a) Year Ended June 30, -------------------------------------- 1996 1997 1998 ---------- ---------- ---------- Basic(b) Earnings: Net income (loss) $ 104 $ (58) $ 5 Preferred stock dividends (82) (70) (5) ---------- ---------- ---------- Net income (loss) attributable to common shares $ 22 $ (128) $ -- ========== ========== ========== Shares: Weighted average number of common shares outstanding 75,047,353 61,703,436 31,619,642 ========== ========== ========== Basic earnings per common share $ 0.29 $ (2.07) $ 0.01 ========== ========== ========== (a) See accompanying notes to June 30, 1996, 1997, and 1998 consolidated financial statements. (b) This calculation is submitted in accordance with Regulation S-K, Item 601(b)(11). Page 1