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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>
Nine Months Ended Three Months Ended
September 30, September 30,
------------------------- ------------------------
2000 1999 2000 1999
---------- ------- ---------- -------
<S> <C> <C> <C> <C>
Net income (loss) $ (2,920) $ 4,911 $ 441 $ 4,088
Effects of dilutive securities
Stock options * * * *
---------- ------- ---------- -------
Net income (loss) - assuming dilution $ (2,920) $ 4,911 $ 441 $ 4,088
========== ======= ========== =======
Average common shares outstanding 87,314 86,760 87,314 86,760
Effects of dilutive securities
Stock options * 50 * 82
---------- ------- ---------- -------
Average common shares outstanding -
assuming dilution 87,314 86,810 87,314 86,842
---------- ------- ---------- -------
========== ======= ========== =======
Net income (loss) per common share $ (0.03) $ 0.06 $ 0.01 $ 0.05
========== ======= ========== =======
Net income (loss) per common share -
assuming dilution $ (0.03) $ 0.06 $ 0.01 $ 0.05
========== ======= ========== =======
</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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