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Exhibit 11
SUPERVALU INC.
Computation of Earnings per Common Share
(unaudited)
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First Quarter Ended
(In thousands, except per share amounts) June 17, 2000 June 19, 1999
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<S> <C> <C>
Earnings per share - basic
Income available to common shareholders. $ 69,965 $ 66,721
Weighted average shares outstanding 131,987 119,631
Earnings per share - basic $.53 $.56
Earnings per share - diluted
Income available to common shareholders $ 69,965 $ 66,721
Weighted average shares outstanding 131,987 119,631
Dilutive impact of options outstanding 1,039 1,138
Weighted average shares and potential dilutive shares outstanding 133,026 120,769
Earnings per share - dilutive $.53 $.55
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Basic earnings per share is calculated using income available to common
shareholders divided by the weighted average of common shares outstanding during
the period. Diluted earnings per share is similar to basic earnings per share
except that the weighted average of common shares outstanding is increased to
include the number of additional common shares that would have been outstanding
if the dilutive potential common shares, such as options, had been issued.