Earnings Per Share

12 Months Ended

May 29, 2011

Earnings Per Share [Abstract]

EARNINGS PER SHARE

9.  EARNINGS PER SHARE

Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock awards, and other dilutive securities.

The following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share:

	2011			2010			2009
Net Income available to ConAgra Foods, Inc. common stockholders:
Income from continuing operations attributable to ConAgra Foods, Inc. common stockholders	$	828.5		$	745.1		$	614.6
Income (loss) from discontinued operations, net of tax, attributable to ConAgra Foods, Inc. common stockholders		(11.5	)		(19.3	)		363.8
Net income attributable to ConAgra Foods, Inc. common stockholders	$	817.0		$	725.8		$	978.4
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated		(1.9	)		(1.5	)		—
Net income available to ConAgra Foods, Inc. common stockholders	$	815.1		$	724.3		$	978.4
Weighted Average Shares Outstanding:
Basic weighted average shares outstanding		429.7			443.6			452.9
Add: Dilutive effect of stock options, restricted stock awards, and other dilutive securities		4.6			3.5			2.5
Diluted weighted average shares outstanding		434.3			447.1			455.4

At the end of fiscal 2011, 2010, and 2009, there were 15.8 million, 18.8 million, and 33.3 million stock options outstanding, respectively, that were excluded from the computation of shares contingently issuable upon exercise of the stock options because exercise prices exceeded the annual average market value of our common stock.