Exhibit 11
SUPERVALU INC.
Computation of Earnings per Common Share
(unaudited)
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Third Quarter Ended Year-to-date Ended
(In thousands, except per share amounts) Dec. 1, 2001 Dec. 2, 2000 Dec. 1, 2001 Dec. 2, 2000
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Earnings per share - basic
Income available to common shareholders $ 59,044 $ 47,511 $ 170,606 $ 174,772
Weighted average shares outstanding 133,475 132,430 132,979 132,220
Earnings per share - basic $ 0.44 $ 0.36 $ 1.28 $ 1.32
Earnings per share - diluted
Income available to common shareholders $ 59,044 $ 47,511 $ 170,606 $ 174,772
Weighted average shares outstanding 133,475 132,430 132,979 132,220
Dilutive impact of options outstanding 1,593 303 847 736
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Weighted average shares and potential
Dilutive shares outstanding 135,068 132,733 133,826 132,956
Earnings per share - diluted $ 0.44 $ 0.36 $ 1.28 $ 1.31
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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.