EXHIBIT 11

SARA LEE CORPORATION AND SUBSIDIARIES

Computation of Net Income per Common Share

(in millions, except per share data)

	FOR THE PERIODS ENDED APRIL 1, 2000
	THIRTEEN WEEKS ENDED						THIRTY-NINE WEEKS ENDED
	Basic			Diluted			Basic			Diluted
EARNINGS:
Net income	$	262		$	262		$	909		$	909
Less: Dividends on Preferred Stock, net of tax benefits		(3	)		—			(9	)		—
Adjustment attributable to conversion of ESOP Convertible Preferred Stock		—			(1	)		—			(2	)
Net Income Available for Common Stockholders	$	259		$	261		$	900		$	907
SHARES:
Weighted Average Shares Outstanding		878			878			881			881
Add: Common Stock Equivalents—
ESOP Convertible Preferred Stock		—			28			—			28
Stock Options		—			1			—			2
Restricted Stock and Other		—			4			—			5
Adjusted Weighted Average Shares Outstanding		878			911			881			916
NET INCOME PER COMMON SHARE	$	0.30		$	0.29		$	1.02		$	0.99

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EXHIBIT 11
(Continued)

SARA LEE CORPORATION AND SUBSIDIARIES

Computation of Net Income per Common Share

(in millions, except per share data)

	FOR THE PERIODS ENDED MARCH 27, 1999
	THIRTEEN WEEKS ENDED						THIRTY-NINE WEEKS ENDED
	Basic			Diluted			Basic			Diluted
EARNINGS:
Net income	$	245		$	245		$	905		$	905
Less: Dividends on Preferred Stock, net of tax benefits		(3	)		—			(9	)		—
Adjustment attributable to conversion of ESOP Convertible Preferred Stock		—			(1	)		—			(3	)
Net Income Available for Common Stockholders	$	242		$	244		$	896		$	902
SHARES:
Weighted Average Shares Outstanding		903			903			908			908
Add: Common Stock Equivalents—
ESOP Convertible Preferred Stock		—			30			—			30
Stock Options		—			9			—			11
Restricted Stock and Other		—			5			—			4
Adjusted Weighted Average Shares Outstanding		903			947			908			953
NET INCOME PER COMMON SHARE	$	0.27		$	0.26		$	0.99		$	0.95

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