Exhibit 11 - Computations of Earnings per Share Tredegar Industries, Inc. and Subsidiaries (In thousands, except per-share amounts) (Unaudited) Third Quarter Ended Nine Months Ended September 30 September 30 1994 1993 1994 1993 Income (loss) from continuing operations $ (278) $ 1,145 $(2,297) $ 3,529 Income from discontinued operations 26,753 1,162 37,218 5,157 Net income before extraordinary item and cumulative effect of changes in accounting principles 26,475 2,307 34,921 8,686 Extraordinary item - - - (1,115) Cumulative effect of changes in accounting for postretirement benefits other than pensions (net of tax) and income taxes - - - 150 Net income $26,475 $ 2,307 $34,921 $ 7,721 Earnings per share as reported: Income(loss)from continuing operations$ (.02) $ .10 $ (.21) $ .32 Income from discontinued operations 2.52 .11 3.47 .48 Net income before extraordinary items and cumulative effect of changes in accounting principles 2.50 .21 3.26 .80 Extraordinary item - - - (.10) Changes in accounting principles - - - .01 Net income $ 2.50 $ .21 $ 3.26 $ .71 PRIMARY EARNINGS PER SHARE: Shares issuable upon the assumed exercise of outstanding stock options (1) 86 14 45 34 Weighted average common shares outstanding during period 10,590 10,895 10,735 10,895 Weighted average common shares and common stock equivalents 10,676 10,909 10,780 10,929 Primary earnings per share (2) $ 2.48 $ .21 $ 3.24 $ .71 FULLY DILUTED EARNINGS PER SHARE: Shares issuable upon the assumed exercise of outstanding stock options (3) 117 20 109 34 Weighted average common shares outstanding during period 10,590 10,895 10,735 10,895 Weighted average common shares and common stock equivalents 10,707 10,915 10,844 10,929 Fully diluted earnings per share (2) $ 2.47 $ .21 $ 3.22 $ .71 (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.