EXHIBIT 11
GEORGIA-PACIFIC CORPORATION AND SUBSIDIARIES
STATEMENTS OF COMPUTATION OF PER SHARE EARNINGS (Unaudited)
(Millions, except per share amounts)
Three Months
Ended March 31,
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1997 1996
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Income
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Income before extraordinary item $ 90 $ 50
Extraordinary item, net of tax - -
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Net income $ 90 $ 50
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Weighted Average Shares
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Common shares outstanding,
net of restricted stock 90,979 90,478
Add - shares assumed to
be issued under long-term
incentive (restricted stock),
stock option and stock
purchase plans at the average
market price 380 563
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Primary shares 91,359 91,041
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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) - 6
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Fully diluted shares 91,359 91,047
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Income Per Share
- -----------------------
Income before extraordinary item $ .99 $ .55
Extraordinary item, net of tax - -
-------- --------
Net income $ .99 $ .55
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Income Per Share - Primary
- ---------------------------------
Income before extraordinary item $ .99 $ .55
Extraordinary item, net of tax - -
-------- --------
Net income $ .99 $ .55
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Income Per Share - Fully Diluted
- ---------------------------------------
Income before extraordinary item $ .99 $ .55
Extraordinary item, net of tax - -
-------- --------
Net income $ .99 $ .55
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A single presentation of income 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.