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<PAGE> 1
EXHIBIT 11.1
SAFEWAY INC. AND SUBSIDIARIES
Computation of Earnings Per Common Share
(In millions, except per-share amounts)
(Unaudited)
<TABLE>
<CAPTION>
12 Weeks Ended
-----------------------------------------------
September 9, 2000 September 11, 1999
----------------------- ---------------------
Diluted Basic Diluted Basic
-------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net income $ 270.0 270.0 223.4 223.4
======== ===== ======= =====
Weighted average common shares outstanding 497.9 497.9 497.6 497.6
===== =====
Common share equivalents 13.8 15.8
-------- -------
Weighted average shares outstanding 511.7 513.4
======== =======
Earnings per share $ 0.53 0.54 0.44 0.45
======== ==== ======= =====
Calculation of common share equivalents:
Options and warrants to purchase common shares 37.6 36.1
Common shares assumed purchased with potential
proceeds (23.8) (20.3)
-------- -------
Common share equivalents 13.8 15.8
======== =======
Calculation of common shares assumed purchased with
potential proceeds:
Potential proceeds from exercise of options
warrants to purchase common shares and $1,125.0 1,014.2
Common stock price used under the treasury
stock method $ 47.27 49.94
Common shares assumed purchased with
potential proceeds 23.8 20.3
</TABLE>
<PAGE> 2
SAFEWAY INC. AND SUBSIDIARIES
Computation of Earnings Per Common Share
(In millions, except per-share amounts)
(Unaudited)
<TABLE>
<CAPTION>
36 Weeks Ended
-----------------------------------------------
September 9, 2000 September 11, 1999
---------------------- --------------------
Diluted Basic Diluted Basic
-------- ----- -------- -----
<S> <C> <C> <C> <C>
Net income $792.8 792.8 $ 665.7 665.7
======== ===== ======== =====
Weighted average common shares outstanding 496.1 496.1 495.6 495.6
===== =====
Common share equivalents 13.9 17.5
-------- --------
Weighted average common shares and common
share equivalents 510.0 513.1
======== ========
Earnings per common share and common
share equivalent:
Net income $1.55 1.60 $ 1.30 1.34
======== ===== ======== =====
Calculation of common share equivalents:
Options and warrants to purchase common shares 37.9 37.8
Common shares assumed purchased with potential
proceeds (24.0) (20.3)
-------- --------
Common share equivalents 13.9 17.5
======== ========
Calculation of common shares assumed purchased with
potential proceeds:
Potential proceeds from exercise of options
and warrants to purchase common shares $1,036.3 $1,053.4
Common stock price used under the treasury
stock method $ 43.18 $ 51.87
Common shares assumed purchased with
potential proceeds 24.0 20.3
</TABLE>
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