Exhibit 11 - Computations of Earnings per Share Tredegar Industries, Inc. and Subsidiaries (In thousands, except per-share amounts) (Unaudited) Second Quarter Ended Six Months Ended June 30 June 30 1994 1993 1994 1993 Income (loss) from continuing operations $ 3,074 $ 674 $ (2,019) $ 2,384 Income from discontinued operations 1,772 2,154 10,465 3,995 Net income before extraordinary item and cumulative effect of changes in accounting principles 4,846 2,828 8,446 6,379 Extraordinary item - (1,115) - (1,115) Cumulative effect of changes in accounting for postretirement benefits other than pensions (net of tax) and income taxes - - - 150 Net income $ 4,846 $ 1,713 $ 8,446 $ 5,414 Earnings per share as reported: Income(loss)from continuing operations $ .29 $ .06 $ (.19) $ .22 Income from discontinued operations .16 .20 .97 .37 Net income before extraordinary item and cumulative effect of changes in accounting principles .45 .26 .78 .59 Extraordinary item - (.10) - (.10) Changes in accounting principles - - - .01 Net income $ .45 $ .16 $ .78 $ .50 PRIMARY EARNINGS PER SHARE: Shares issuable upon the assumed exercise of outstanding stock options (1) 32 28 33 42 Weighted average common shares outstanding during period 10,722 10,895 10,808 10,895 Weighted average common shares and common stock equivalents 10,754 10,923 10,841 10,937 Primary earnings per share (2) $ .45 $ .16 $ .78 $ .50 FULLY DILUTED EARNINGS PER SHARE: Shares issuable upon the assumed exercise of outstanding stock options (3) 32 28 33 42 Weighted average common shares outstanding during period 10,722 10,895 10,808 10,895 Weighted average common shares and common stock equivalents 10,754 10,923 10,841 10,937 Fully diluted earnings per share (2) $ .44 $ .16 $ .77 $ .50 (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.