Exhibit 11 J. C. PENNEY COMPANY, INC. and Consolidated Subsidiaries
Exhibit 11
X. X. XXXXXX COMPANY, INC.
and Consolidated Subsidiaries
Computation of Net Income Per Common Share
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(Amounts in millions except per common share data)
26 Weeks Ended
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July 31, 1999 Aug. 1, 1998
______________________ ____________________
Shares Income Shares Income
_________ ________ _______ _________
Basic
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Net income $ 206 $ 201
Dividend on Series B ESOP
convertible preferred stock
(after-tax) (18) (18)
_______ _______
Adjusted net income 188 183
Weighted average number of
shares outstanding 258.2 252.9
_____ _______ _____ _______
258.2 $ 188 252.9 $ 183
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Net income per common share $ 0.73 $ 0.73
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Diluted
-------
Net income $ 206 $ 201
Dividend on Series B ESOP
convertible preferred stock
(after-tax) (18) -
Assumed additional contribution
to ESOP if preferred stock is
fully converted - (1)
------- -------
Adjusted net income 188 200
Weighted average number of
shares outstanding (basic) 258.2 252.9
Dilutive common stock equivalents:
Stock options and other
dilutive effect 0.6 2.3
Convertible preferred stock - 17.0
_____ _______ _____ _______
258.8 $ 188 272.2 $ 200
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Net income per common share $ 0.73 $ 0.72
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