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)
First Quarter Ended
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March 30, March 31,
1997 1996
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $ 20,177 $ 36,346
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AVERAGE NUMBER OF COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING:
Average number of common shares outstanding 52,217 52,779
Dilutive effect of stock options after
application of treasury stock method 827 693
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AVERAGE NUMBER OF COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING 53,044 53,472
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PRIMARY NET EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE $ .38 $ .68
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