EX-11 5 w91178exv11.htm EXHIBIT 11

exv11

Exhibit 11

CALCULATION OF EARNINGS PER SHARE
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands of dollars (except per share amounts)

			Thirteen weeks ended
			Sept. 28, 2003				Sept. 29, 2002
Basic earnings:
	Net income		$	279,032			$	265,636
	Weighted average number of common shares outstanding			269,815				267,056
	Earnings per share - basic		$	1.03			$	0.99
Diluted earnings:
	Net income		$	279,032			$	265,636
	Weighted average number of common shares outstanding			269,815				267,056
	Dilutive effect of outstanding stock options and stock incentive rights			2,359				2,250
	Weighted average number of shares outstanding, as adjusted			272,174				269,306
	Earnings per share - diluted		$	1.03			$	0.99

			Thirty-nine weeks ended
			Sept. 28, 2003				Sept. 29, 2002
Basic earnings:
	Net income		$	853,175			$	813,122
	Weighted average number of common shares outstanding			268,947				266,674
	Earnings per share - basic		$	3.17			$	3.05
Diluted earnings:
	Net income		$	853,175			$	813,122
	Weighted average number of common shares outstanding			268,947				266,674
	Dilutive effect of outstanding stock options and stock incentive rights			2,167				2,431
	Weighted average number of shares outstanding, as adjusted			271,114				269,105
	Earnings per share - diluted		$	3.15			$	3.02