11. EQUITIES

The authorized capital stock at December 31, 2001 consists of 2,000 shares of Class A Common, $1,000 par value; 50,000 shares of Class B Common, $1 par value; 500 shares of nonvoting Class C Common, $1,000 par value; 10,000 shares of nonvoting Class D Common, $1 par value; and 1,000,000 shares of nonvoting, 8% non-cumulative Preferred $10 par value.

The following details the activity in membership shares during the three years ended December 31, 2001:

	NUMBER OF SHARES
	Common								Preferred
	A		B		C		D
December 31, 1998	911	8,287		127		3,078		112,077
New Members	22	405		3		703		-
Redemptions	(55	)	(938	)	(13	)	(682	)	(5,354	)
December 31, 1999	878	7,754		117		3,099		106,723
New Members	327	295		84		671		-
Redemptions	(39	)	(2,159	)	(4	)	(2,270	)	(9,289	)
December 31, 2000	1,166	5,890		197		1,500		97,434
New Members	47	716		18		364		-
Redemptions	(41	)	(739	)	(15	)	(426	)	(4,865	)
December 31, 2001	1,172	5,867		200		1,438		92,569

Patronage refunds to members of $70.6 million, $142.3 million and $34.9 million for the years ended December 31, 2001, 2000 and 1999, respectively, are based on earnings in specific patronage or product categories and in proportion to the business each member does within each category. For 2001, Land O'Lakes will issue qualified patronage refunds in the amount of $70.6 million. Qualified patronage refunds are tax deductible by the Company when qualified written notices of allocation are issued and non-qualified patronage refunds are tax deductible when redeemed with cash. The Company will not issue any non-qualified patronage refunds for 2001.

The allocation to retained earnings of $(1.8) million in 2001, $(34.0) million in 2000 and $(5.9) million in 1999 represent losses generated by non-member businesses plus amounts under the retained earnings program as provided in the by-laws of the Company.

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