Exhibit 11
CONAGRA, INC. AND SUBSIDIARIES
Computation of Income Per Share
(In millions, except per share amounts)
Fiscal Year Ended
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52/53 Weeks
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May 31, May 25, May 26, May 28, May 29,
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
Income per share - basic:
Income before cumulative effect of
change in accounting $ 641.8 $ 637.9 $ 211.8 $ 512.2 $ 453.3
Less preferred dividends -- -- 8.6 24.0 24.0
----------- ----------- ---------- ---------- ----------
Income available for common stock
before cumulative effect of change
in accounting 641.8 637.9 203.2 488.2 429.3
Cumulative effect of change in accounting (14.8) -- -- -- (0.2)
----------- ----------- ---------- ---------- ----------
Net income available for common stock $ 627.0 $ 637.9 $ 203.2 $ 488.2 $ 429.1
----------- ----------- ---------- ---------- ----------
----------- ----------- ---------- ---------- ----------
Weighted average shares outstanding - basic 465.5 468.1 468.5 470.0 470.8
----------- ----------- ---------- ---------- ----------
----------- ----------- ---------- ---------- ----------
Income per share - basic:
Income before cumulative effect
of change in accounting $ 1.38 $ 1.36 $ 0.43 $ 1.04 $ 0.91
Cumulative effect of change in accounting (0.03) -- -- -- --
----------- ----------- ---------- ---------- ----------
Basic income per share $ 1.35 $ 1.36 $ 0.43 $ 1.04 $ 0.91
----------- ----------- ---------- ---------- ----------
----------- ----------- ---------- ---------- ----------
Income per share - diluted:
Income available for common stock
before cumulative effect of change in accounting $ 641.8 $ 637.9 $ 203.2 $ 488.2 $ 429.3
Add dividends on convertible preferred
stock where dilutive -- -- -- 24.0 24.0
----------- ----------- ---------- ---------- ----------
Income available for common stock
before cumulative effect of change in
accounting assuming full dilution 641.8 637.9 203.2 512.2 453.3
Cumulative effect of change in accounting (14.8) -- -- -- (0.2)
----------- ----------- ---------- ---------- ----------
Net income assuming full dilution $ 627.0 $ 637.9 $ 203.2 $ 512.2 $ 453.1
----------- ----------- ---------- ---------- ----------
----------- ----------- ---------- ---------- ----------
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Exhibit 11
Exhibit 1 (Continued)
Fiscal Year Ended
------------------------------------------------------------
52/53 Weeks
------------------------------------------------------------
May 31, May 25, May 26, May 28, May 29,
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
Weighted average shares
outstanding - basic 465.5 468.1 468.5 470.0 470.8
Add shares contingently issuable upon
exercise of stock options 9.8 8.1 7.9 5.3 3.8
Add shares assumed issued for convertible
preferred stock where dilutive - - - 29.3 29.3
----------- ----------- ----------- ----------- -----------
Weighted average shares
outstanding - diluted 475.3 476.2 476.4 504.6 503.9
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
Income per share - diluted:
Income before cumulative effect of change
in accounting $ 1.35 $ 1.34 $ 0.43 $ 1.02 $ 0.90
Cumulative effect of change in accounting (0.03) - - - -
----------- ----------- ----------- ----------- -----------
Diluted income per share $ 1.32 $ 1.34 $ 0.43 $ 1.02 $ 0.90
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
Note 1: 1996 includes nonrecurring charges of $.76 and $.74 for basic and
diluted income per share, respectively.
41