Income Per Share

6 Months Ended

Jun. 18, 2011

Income Per Share

Income Per Share

NOTE D–INCOME PER SHARE

Basic income per share is calculated on the basis of weighted average outstanding common shares. Diluted income 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 tables provide reconciliations of net earnings and shares used in calculating income per basic common share to those used in calculating income per diluted common share (in millions, except per-share amounts):

	12 Weeks Ended
	June 18, 2011				June 19, 2010
	Diluted		Basic		Diluted		Basic
Net income attributable to Safeway Inc.	$	145.8	$	145.8	$	141.3	$	141.3
Weighted average common shares outstanding		350.8		350.8		383.6		383.6
Common share equivalents		1.5				2.1
Weighted average shares outstanding		352.3				385.7
Income per share	$	0.41	$	0.42	$	0.37	$	0.37

Anti-dilutive shares totaling 20.6 million and 22.8 million have been excluded from diluted weighted average shares outstanding for the 12 weeks ended June 18, 2011 and June 19, 2010, respectively.

	24 Weeks Ended
	June 18, 2011				June 19, 2010
	Diluted		Basic		Diluted		Basic
Net income attributable to Safeway Inc.	$	171.0	$	171.0	$	237.3	$	237.3
Weighted average common shares outstanding		358.4		358.4		385.7		385.7
Common share equivalents		1.1				2.2
Weighted average shares outstanding		359.5				387.9
Income per share	$	0.48	$	0.48	$	0.61	$	0.62

Anti-dilutive shares totaling 24.3 million and 21.8 million have been excluded from diluted weighted average shares outstanding for the 24 weeks ended June 18, 2011 and June 19, 2010, respectively.