EXHIBIT 11 The Pepsi Bottling Group, Inc. Computation of Basic and Diluted Earnings Per Share 12 Weeks Ended 24 Weeks Ended -------------- -------------- 6/13/98 6/12/99 6/13/98 6/12/99 ------- ------- ------- ------- Number of shares on which basic earnings per share is based: Average outstanding during period .. 55,000,000 141,904,898 55,000,000 98,452,449 Add - Incremental shares under stock compensation plans ............... - - - - ---------- ----------- ---------- ---------- Number of shares in which diluted earnings per share is based ........ 55,000,000 141,904,898 55,000,000 98,452,449 Net earnings applicable to common shareholders (millions) ........... $ 23 $ 20 $ 17 $ 17 Net earnings on which diluted earnings per share is based (millions) ..... $ 23 $ 20 $ 17 $ 17 Basic earnings per share ............. $ 0.41 $ 0.14 $ 0.30 $ 0.18 Diluted earnings per share ........... $ 0.41 $ 0.14 $ 0.30 $ 0.18 -22-