Exhibit 11
SUPERVALU INC.
Computation of Earnings per Common Share
(unaudited)
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Second Quarter Ended Year-to-date Ended
(In thousands, except per share amounts) Sept. 11, 1999 Sept. 12, 1998 Sept. 11, 1999 Sept. 12, 1998
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Earnings per share - basic
Income available to common shareholders $ 45,482 $ 39,900 $ 112,203 $ 91,698
Weighted average shares outstanding 122,483 120,753 120,853 120,645
Earnings per share - basic $.37 $.33 $.93 $.76
Earnings per share - diluted
Income available to common shareholders $ 45,482 $ 39,900 $ 112,203 $ 91,698
Weighted average shares outstanding 122,483 120,753 120,853 120,645
Dilutive impact of options outstanding 1,199 1,425 1,164 1,514
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Weighted average shares and potential
dilutive shares outstanding 123,682 122,178 122,017 122,159
Earnings per share - dilutive $.37 $.33 $.92 $.75
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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.