Exhibit (11.1)
THE MEAD CORPORATION AND CONSOLIDATED SUBSIDIARIES
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CALCULATION OF PRIMARY NET EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
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(All amounts in thousands, except per share amounts)
Second Quarter Ended First Half Ended
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July 3, July 4, July 3, July 4,
1994 1993 1994 1993
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $52,382 $47,215 $79,999 $72,813
ADJUSTMENT FOR OTHER POTENTIALLY DILUTIVE
SECURITIES - Interest savings (net of tax) on
Convertible Subordinated Debentures as if
converted at the beginning of the period 1,396 1,454 2,791 2,909
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $53,778 $48,669 $82,790 $75,722
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AVERAGE NUMBER OF COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING:
Average number of common shares outstanding 59,295 59,006 59,273 58,917
Dilutive effect of stock options after
application of treasury stock method 489 657 539 594
Adjustment for other potentially dilutive
securities - Dilutive effect of Convertible
Subordinated Debentures as if converted
at the beginning of the period 2,630 2,630 2,630 2,630
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AVERAGE NUMBER OF COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING 62,414 62,293 62,442 62,141
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PRIMARY NET EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE $ .86 $ .78 $1.33 $1.22
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QUARTERLY\EX-11(1).WP
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