EXHIBIT 11 - Computations of Earnings Per Share Tredegar Industries, Inc. and Subsidiaries (In thousands, except per-share amounts) For quarters ended March 31 1994 1993 Income (loss) from continuing operations $ (5,093) $ 1,710 Income from discontinued operations 8,693 1,841 Net income before cumulative effect of changes in accounting principles 3,600 3,551 Cumulative effect of changes in accounting for postretirement benefits other than pensions (net of tax) and income taxes - 150 Net income $ 3,600 $ 3,701 Earnings per share as reported: Income (loss) from continuing operations $ (.47) $ .16 Income from discontinued operations .80 .17 Net income before cumulative effect of changes in accounting principles .33 .33 Changes in accounting principles - .01 Net income $ .33 $ .34 PRIMARY EARNINGS PER SHARE: Shares issuable upon the assumed exercise of outstanding stock options (1) 37 59 Weighted average common shares outstanding during period 10,896 10,895 Weighted average common shares and common stock equivalents 10,933 10,954 Primary earnings per share (2) $ .33 $ .34 FULLY DILUTED EARNINGS PER SHARE Shares issuable upon the assumed exercise of outstanding stock options (3) 37 71 Weighted average common shares outstanding during period 10,896 10,895 Weighted average common shares and common stock equivalents 10,933 10,966 Fully diluted earnings per share (2) $ .33 $ .34 <FN> (1) Computed using the average market price during the related period. (2) Common stock equivalents had an immaterial dilutive effect. (3) Computed using the higher of the average market price during the related period and the market price at the end of the related period.