<PAGE>

                                                                      Exhibit 11

                       PEPSIAMERICAS, INC. AND SUBSIDIARIES

                 STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
                                   (Unaudited)
              (U.S. Dollars in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                                         Three Months             Fiscal Years
                                                        Year Ended          Ended                   Ended
                                                        December 31,     December 31,            September 30
                                                                                         --------------------------
                                                            1999             1998             1998          1997
                                                       ------------      ------------    ------------  ------------


<S>                                                    <C>               <C>             <C>           <C>
Net income (loss)                                          $ (9,450)         $  1,680        $ (4,515)     $(19,503)
Effective of dilutive securities
    Stock options                                             *                *               *             *
                                                       ------------      ------------    ------------  ------------
Net income (loss) - assuming dilution                      $ (9,450)         $  1,680        $ (4,515)     $(19,503)
                                                       ------------      ------------    ------------  ------------
                                                       ------------      ------------    ------------  ------------

Average common shares outstanding                            86,829            86,760          35,072        21,500
Effects of dilutive securities
    Stock options                                            *                     63          *             *
                                                       ------------       -----------    ------------  ------------
Average common shares outstanding -
    assuming dilution                                        86,829            86,823          35,072        21,500
                                                       ------------      ------------    ------------  ------------
                                                       ------------      ------------    ------------  ------------

Net income (loss) per common share                           $(0.11)            $0.02          $(0.13)       $(0.91)
                                                       ------------      ------------    ------------  ------------
                                                       ------------      ------------    ------------  ------------

Net income (loss) per common share -
    assuming dilution                                        $(0.11)            $0.02          $(0.13)       $(0.91)
                                                       ------------      ------------    ------------  ------------
                                                       ------------      ------------    ------------  ------------
</TABLE>


Note: If an item appears with a *, the security was antidilutive for the period
presented.