Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

Note 14.  Earnings Per Share:

Basic and diluted EPS were calculated using the following:

						For the Six Months
		For the Three Months Ended					Ended
		June 30,					June 30,
		2011		2010			2011			2010
		(in millions, except per share data)
Earnings from continuing operations	$	976	$	939	$	1,778		$	1,188
Earnings and gain from discontinued
operations, net of income taxes		–		–			–			1,644
Net earnings		976		939			1,778			2,832
Noncontrolling interest		–		2			3			12
Net earnings attributable to Kraft Foods	$	976	$	937	$	1,775		$	2,820
Weighted-average shares for basic EPS		1,764		1,747			1,759			1,681
Plus incremental shares from assumed
conversions of stock options and
long-term incentive plan shares		7		5			7			5
Weighted-average shares for diluted EPS		1,771		1,752			1,766			1,686
Basic earnings per share attributable
to Kraft Foods:
Continuing operations	$	0.55	$	0.54		$	1.01		$	0.70
Discontinued operations		–		–			–			0.98
Net earnings attributable to Kraft Foods	$	0.55	$	0.54		$	1.01		$	1.68
Diluted earnings per share attributable
to Kraft Foods:
Continuing operations	$	0.55	$	0.53		$	1.01		$	0.70
Discontinued operations		–		–			–			0.97
Net earnings attributable to Kraft Foods	$	0.55	$	0.53		$	1.01		$	1.67

We exclude antidilutive Kraft Foods stock options from our calculation of weighted-average shares for diluted EPS. We excluded 16.0 million antidilutive stock options for the three months and 17.6 million antidilutive stock options for the six months ended June 30, 2011, and we excluded 31.1 million antidilutive stock options for the three months and 33.9 million antidilutive stock options for the six months ended June 30, 2010.