EXHIBIT 11
GEORGIA-PACIFIC CORPORATION AND SUBSIDIARIES
STATEMENTS OF COMPUTATION OF PER SHARE EARNINGS (Unaudited)
(Thousands, except per share amounts)
Three Months Nine Months
Ended September 30, Ended September 30,
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1994 1993 1994 1993
Income (Loss)
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Income (loss) before extraordinary
item and accounting change $87,000 $(28,000) $157,000 $ 18,000
Extraordinary item, net of tax - (8,000) (11,000) (16,000)
Cumulative effect of accounting
change, net of tax - - (5,000) -
------ ------- ------- -------
Net income (loss) $87,000 $(36,000) $141,000 $ 2,000
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Weighted Average Shares
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Common shares outstanding, net of
restricted stock 89,179 88,418 88,912 87,444
Add - shares assumed to be issued
under long-term incentive
(restricted stock), stock
option and stock purchase
plans at the average market
price 609 - 703 1,298
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Primary shares 89,788 88,418 89,615 88,742
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Add - additional shares assumed to be
issued under long-term incentive
(restricted stock), stock option
and stock purchase plans at
quarter end market price (if
higher than average market price) 248 802 345 -
------ ------ ------ ------
Fully diluted shares 90,036 89,220 89,960 88,742
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Income (Loss) Per Share
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Income (loss) before extraordinary item
and accounting change $ .98 $ (.33) $ 1.77 $ .20
Extraordinary item, net of tax - (.09) (.12) (.18)
Cumulative effect of accounting
change, net of tax - - (.06) -
------ ------- ------- ------
Net income (loss) $ .98 $ (.42) $ 1.59 $ .02
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Income (Loss) Per Share - Primary and
Fully Diluted
- -------------------
Income (loss) before extraordinary item
and accounting change $ .97 $ (.31) $ 1.75 $ .20
Extraordinary item, net of tax - (.09) (.12) (.18)
Cumulative effect of accounting
change, net of tax - - (.06) -
------ ------ ------ ------
Net income (loss) $ .97 $ (.40) $ 1.57 $ .02
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A single presentation of income (loss) per share is made on the Statements of
Income because the effects of assuming issuance of common shares under long-term
incentive, stock option and stock purchase plans are either antidilutive or
insignificant.