Exhibit 11 The Pepsi Bottling Group, Inc. Computation of Basic and Diluted Earnings Per Share (in millions, except per share data) 12-weeks Ended 24-weeks Ended -------------- -------------- June 14, June 15, June 14, June 15, 2003 2002 2003 2002 ---- ---- ---- ---- Number of shares on which basic earnings per share is based: Average outstanding during period................ 273 283 276 282 Add - Incremental shares under stock compensation plans.............................. 6 13 7 12 ---- ---- ---- ---- Number of shares in which diluted earnings per share is based..................... 279 296 283 294 Net earnings applicable to common shareholders ................................... $ 131 $ 139 $ 164 $ 193 Net earnings on which diluted earnings per share is based ............................. $ 131 $ 139 $ 164 $ 193 Basic earnings per share........................... $0.48 $0.49 $0.59 $0.68 Diluted earnings per share......................... $0.47 $0.47 $0.58 $0.66