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EXHIBIT 11

SARA LEE CORPORATION AND SUBSIDIARIES

Computation of Net Income per Common Share

(In millions, except per share data)

		For the Periods Ended December 30, 2000
		Thirteen Weeks Ended					Twenty-Six Weeks Ended
		Basic			Diluted		Basic			Diluted
EARNINGS:
Income from continuing operations		$	151		$	151	$	389		$	389
Income from and gain on disposal of discontinued operations, net of income taxes			647			647		663			663
Net income			798			798		1,052			1,052
Less: Dividends on Preferred Stock, net of tax benefits			(3	)		—		(6	)		—
Adjustment attributable to conversion of ESOP Convertible Preferred Stock			—			—		—			(1	)
Net Income Available for Common Stockholders		$	795		$	798	$	1,046		$	1,051
SHARES:
Weighted Average Shares Outstanding			830			830		836			836
Common Stock Equivalents:
	Stock Options		—			6		—			5
	ESOP Convertible Preferred Stock		—			27		—			27
	Restricted Stock and Other		—			6		—			5
Adjusted Weighted Average Shares Outstanding			830			869		836			873
Income from continuing operations per common share		$	0.18		$	0.17	$	0.46		$	0.44
Income from and gain on disposal of discontinued operations per common share		$	0.78		$	0.74	$	0.79		$	0.76
Net income per common share		$	0.96		$	0.92	$	1.25		$	1.20

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SARA LEE CORPORATION AND SUBSIDIARIES
Computation of Net Income per Common Share
(In millions, except per share data)

		For the Periods Ended January 1, 2000
		Thirteen Weeks Ended						Twenty-Six Weeks Ended
		Basic			Diluted			Basic			Diluted
EARNINGS:
Income from continuing operations		$	375		$	375		$	616		$	616
Income from discontinued operations, net of income taxes			14			14			31			31
Net income			389			389			647			647
Less: Dividends on Preferred Stock, net of tax benefits			(3	)		—			(6	)		—
Adjustment attributable to conversion of ESOP Convertible Preferred Stock			—			(1	)		—			(1	)
Net Income Available for Common Stockholders		$	386		$	388		$	641		$	646
SHARES:
Weighted Average Shares Outstanding			886			886			884			884
Common Stock Equivalents:
	Stock Options		—			6			—			6
	ESOP Convertible Preferred Stock		—			28			—			28
	Restricted Stock and Other		—			4			—			4
Adjusted Weighted Average Shares Outstanding			886			924			884			922
Income from continuing operations per common share		$	0.42		$	0.40		$	0.69		$	0.67
Income from discontinued operations per common share		$	0.02		$	0.02		$	0.03		$	0.03
Net income per common share		$	0.44		$	0.42		$	0.73		$	0.70

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Computation of Net Income per Common Share