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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August 1, 1998 July 26, 1997
______________________ ____________________
Shares Income Shares Income
_________ ________ _______ _________
Basic
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Net income $ 201 $ 229
Dividend on Series B ESOP
convertible preferred stock
(after-tax) (18) (20)
_______ _______
Adjusted net income 183 209
Weighted average number of
shares outstanding 252.9 244.5
_____ _______ _____ _______
252.9 $ 183 244.5 $ 209
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Net income per common share $ 0.73 $ 0.85
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Diluted
-------
Net income $ 201 $ 229
Tax benefit differential on ESOP
dividend assuming stock is
fully converted - -
Assumed additional contribution
to ESOP if preferred stock is
fully converted (1) (2)
------- -------
Adjusted net income 200 227
Weighted average number of
shares outstanding (basic) 252.9 244.5
Common stock equivalents:
Stock options and other
dilutive effect 2.3 2.2
Convertible preferred stock 17.0 18.6
_____ _______ _____ _______
272.2 $ 200 265.3 $ 227
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Net income per common share $ 0.72 $ 0.85
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