Exhibit 11 SUPERVALU INC. Computation of Earnings per Common Share (unaudited) - ---------------------------------------------------------------------------------------------------------------------------- Third Quarter Ended Year-to-date Ended (In thousands, except per share amounts) Dec. 2, 2000 Dec. 4, 1999 Dec. 2, 2000 Dec. 4, 1999 - ---------------------------------------------------------------------------------------------------------------------------- Earnings per share - basic Income available to common shareholders $ 47,511 $ 58,654 $ 174,772 $ 170,857 Weighted average shares outstanding 132,430 139,635 132,220 126,488 Earnings per share - basic $ .36 $ .42 $ 1.32 $ 1.35 Earnings per share - diluted Income available to common shareholders $ 47,511 $ 58,654 $ 174,772 $ 170,857 Weighted average shares outstanding 132,430 139,635 132,220 126,488 Dilutive impact of options outstanding 303 834 736 1,065 ------------------------------------------------------------------------ Weighted average shares and potential dilutive shares outstanding 132,733 140,469 132,956 127,553 Earnings per share - dilutive $ .36 $ .42 $ 1.31 $ 1.34 - ---------------------------------------------------------------------------------------------------------------------------- Basic earnings per share is calculated using income available to common shareholders divided by the weighted average of common shares outstanding during the period. Diluted earnings per share is similar to basic earnings per share except that the weighted average of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares, such as options, had been issued.