Exhibit 11 J. C. PENNEY COMPANY, INC. and Consolidated Subsidiaries Computation of Net Income Per Common Share _________________________________________________ (Amounts in millions except per common share data)
Exhibit 11
X. X. XXXXXX COMPANY, INC.
and Consolidated Subsidiaries
Computation of Net Income Per Common Share
_________________________________________________
(Amounts in millions except per common share data)
13 Weeks Ended
_____________________________________________
May 2, 1998 April 26, 1997
____________________ ___________________
Shares Income Shares Income
______ _______ ______ ______
Basic
______
Net income $ 174 $ 139
Dividend on Series B ESOP
convertible preferred stock
(after-tax) (10) (10)
_________ _________
Adjusted net income 164 129
Weighted average number of
shares outstanding 252.2 240.4
_______ _________ ______ _________
252.2 $ 164 240.4 $ 129
======= ========= ====== =========
Net income per common share $ 0.65 $ 0.54
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Diluted
_______
Net income $ 174 $ 139
Tax benefit differential on ESOP
dividend assuming stock is
fully converted - -
Assumed additional contribution
to ESOP if preferred stock is
fully converted (1) (1)
_________ _________
Adjusted net income 173 138
Weighted average number of
shares outstanding (basic) 252.2 240.4
Common stock equivalents:
Stock options and other
dilutive effect 2.6 2.0
Convertible preferred stock 17.2 18.8
_______ ________ ______ _________
272.0 $ 173 261.2 $ 138
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Net income per common share $ 0.64 $ 0.53
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