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<PAGE>
EXHIBIT 11
PEPSIAMERICAS, INC. AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
UNAUDITED
(U. S. DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
SIX MONTHS ENDED THREE MONTHS ENDED
JUNE 30, JUNE 30,
---------------------------------- ----------------------------------
2000 1999 2000 1999
----------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Net income (loss) $ (3,361) $ 823 $ 2,100 $ 379
Effects of dilutive securities
Stock options * * * *
----------- ----------- ------------ -----------
Net income (loss) - assuming dilution $ (3,361) $ 823 $ 2,100 $ 379
=========== =========== ============ ===========
Average common shares outstanding 87,314 86,760 87,314 86,760
Effects of dilutive securities
Stock options * 33 * *
----------- ----------- ------------ -----------
Average common shares outstanding -
assuming dilution 87,314 86,793 87,314 86,760
=========== =========== ============ ===========
Net income (loss) per common share $ (0.04) $ 0.01 $ (0.02) $ 0.00
=========== =========== ============ ===========
Net income (loss) per common share -
assuming dilution $ (0.04) $ 0.01 $ (0.02) $ 0.00
=========== =========== ============ ===========
</TABLE>
Note: If an item appears with a *, the item was not applicable or the
security was antidilutive for the period presented.
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