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                                                                      EXHIBIT 11


                           BESTFOODS AND SUBSIDIARIES
                  SCHEDULE OF COMPUTATION OF EARNINGS PER SHARE
                     (In millions, except per share amounts)


<TABLE>
<CAPTION>
                                                 Three Months Ended       Nine Months Ended
                                                    September 30,           September 30,
               BASIC                              1998        1997        1998        1997
                                                 -------     -------     -------     -------
<S>                                              <C>         <C>         <C>         <C>
Income (loss) from continuing operations         $ 167.9     $ 146.4     $ 473.5     $ 259.7
Preferred stock dividends, net of taxes             (2.5)       (2.9)       (7.6)       (8.5)
                                                 -------     -------     -------     -------
Income (loss) from continuing operations
    available to common stockholders               165.4       143.5       465.9       251.2
Income (loss) from discontinued operations            --         8.3          --          .4
Loss on disposal of discontinued operations           .7       (18.2)         .7       (82.6)
                                                 -------     -------     -------     -------
Net income (loss)                                $ 166.1     $ 133.6     $ 466.6     $ 169.0
                                                 =======     =======     =======     =======

Weighted average shares outstanding                286.9       287.5       287.8       287.1

BASIC EARNINGS PER SHARE:
Income (loss) from continuing operations         $  0.58     $  0.50     $  1.62     $  0.88
Income (loss) from discontinued operations            --        0.03          --          --
Loss on disposal of discontinued operations           --       (0.06)         --       (0.29)
                                                 -------     -------     -------     -------
Net income (loss)                                $  0.58     $  0.47     $  1.62     $  0.59
                                                 =======     =======     =======     =======
             DILUTED
Income (loss) from continuing operations         $ 167.9     $ 146.4     $ 473.5     $ 259.7
Adjustments to net income:
    Assumed additional cost if ESOP shares
      are fully converted net of tax benefits        (.8)        (.5)       (1.8)       (1.9)
                                                 -------     -------     -------     -------
Diluted income from continuing operations          167.1       145.9       471.7       257.8
Income (loss) from discontinued operations            --         8.3          --          .4
Loss on disposal of discontinued operations           .7       (18.2)         .7       (82.6)
                                                 -------     -------     -------     -------
Net income (loss)                                $ 167.8     $ 136.0     $ 472.4     $ 175.6
                                                 =======     =======     =======     =======

Weighted average shares outstanding                286.9       287.5       287.8       287.1
Add incremental shares representing:
    Exercise of stock options                        2.6         2.0         2.6         2.0
    Performance plan shares                           .3          .3          .3          .3
    Conversion of ESOP shares                        7.3         8.2         8.1         8.4
                                                 -------     -------     -------     -------
Weighted average shares as adjusted                297.1       298.0       298.8       297.8
                                                 =======     =======     =======     =======
DILUTED EARNINGS PER SHARE:
Income (loss) from continuing operations         $  0.56     $  0.49     $  1.58     $  0.87
Income (loss) from discontinued operations            --        0.03          --          --
Loss on disposal of discontinued operations           --       (0.06)         --       (0.28)
                                                 -------     -------     -------     -------
Net income (loss)                                $  0.56     $  0.46     $  1.58     $  0.59
                                                 =======     =======     =======     =======
</TABLE>


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