LEE SARA CORP, 10-Q, 2000-02-10

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EXHIBIT 11

SARA LEE CORPORATION AND SUBSIDIARIES
Computation of Net Income per Common Share
(in millions, except per share data)

	FOR THE PERIODS ENDED JANUARY 1, 2000
	THIRTEEN WEEKS ENDED						TWENTY-SIX WEEKS ENDED
	Basic			Diluted			Basic			Diluted
EARNINGS:
Net income	$	389		$	389		$	647		$	647
Less: Dividends on Preferred Stock, net of tax benefits		(3	)		—			(6	)		—
Adjustment attributable to conversion of ESOP Convertible Preferred Stock		—			(1	)		—			(1	)

Net Income Available for Common Stockholders	$	386		$	388		$	641		$	646

SHARES:
Weighted Average Shares Outstanding		886			886			884			884
Add: Common Stock Equivalents—
ESOP Convertible Preferred Stock		—			28			—			28
Stock Options		—			6			—			6
Restricted Stock and Other		—			4			—			4

Adjusted Weighted Average Shares Outstanding		886			924			884			922

NET INCOME PER COMMON SHARE	$	0.44		$	0.42		$	0.73		$	0.70

EXHIBIT 11
(continued)

SARA LEE CORPORATION AND SUBSIDIARIES
Computation of Net Income per Common Share
(in millions, except per share data)

	FOR THE PERIODS ENDED DECEMBER 26, 1998
	THIRTEEN WEEKS ENDED						TWENTY-SIX WEEKS ENDED
	Basic			Diluted			Basic			Diluted
EARNINGS:
Net income	$	322		$	322		$	660		$	660
Less: Dividends on Preferred Stock, net of tax benefits		(3	)		—			(6	)		—
Adjustment attributable to conversion of ESOP Convertible Preferred Stock		—			(1	)		—			(2	)

Net Income Available for Common Stockholders	$	319		$	321		$	654		$	658

SHARES:
Weighted Average Shares Outstanding		908			908			910			910
Add: Common Stock Equivalents—
ESOP Convertible Preferred Stock		—			30			—			30
Stock Options		—			13			—			12
Restricted Stock and Other		—			4			—			4

Adjusted Weighted Average Shares Outstanding		908			955			910			956

NET INCOME PER COMMON SHARE	$	0.35		$	0.34		$	0.72		$	0.69