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. 5, 1998 Nov. 29, 1997 Dec. 5, 1998 Nov. 29, 1997 - ------------------------------------------------------------------------------------------------------------- Earnings per share - basic Income available to common shareholders $ 45,260 $ 40,249 $136,958 $179,130 Weighted average shares outstanding 120,191 120,422 120,509 126,944 Earnings per share - basic $.38 $.33 $1.14 $1.41 Earnings per share - diluted Income available to common shareholders $ 45,260 $ 40,249 $136,958 $179,130 Weighted average shares outstanding 120,191 120,422 120,509 126,944 Dilutive impact of options outstanding 1,670 1,320 1,560 1,078 -------- -------- -------- -------- Weighted average shares and potential dilutive shares outstanding 121,861 121,742 122,069 128,022 Earnings per share - dilutive $.37 $.33 $1.12 $1.40 - ------------------------------------------------------------------------------------------------------------- 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.