Exhibit 11 - Computations of Earnings Per Share
Tredegar Industries, Inc. and Subsidiaries
(In Thousands, Except Per-Share Amounts)
(Unaudited)
Three Months
Ended March 31
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1996 1995
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Net income $16,347 $ 4,445
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Earnings per common and dilutive common
equivalent share as reported (1) $ 1.27 $ 0.33
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PRIMARY EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (2) 690 230
Weighted average common shares outstanding
during period 12,187 13,512
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Weighted average common and dilutive common
equivalent shares 12,877 13,742
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Primary earnings per share (1) $ 1.27 $ 0.32
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FULLY DILUTED EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (3) 690 312
Weighted average common shares outstanding
during period 12,187 13,512
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Weighted average common and dilutive common
equivalent shares 12,877 13,824
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Fully diluted earnings per share (3) $ 1.27 $ 0.32
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Notes to Exhibit 11:
(1) Shares used to compute earnings per common and dilutive common
equivalent share include common stock equivalents for the first quarter
ended March 31, 1996. Common stock equivalents were not dilutive by 3%
or more during the first quarter ended March 31, 1995, and therefore
were excluded from the computation of earnings per common and dilutive
common equivalent share reported in the consolidated statements of
income for that period.
(2) Computed using the average market price during the related period.
(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.
Fully diluted earnings per common and dilutive common equivalent share
is not materially different (dilutive by 3% or more) from earnings per
common and dilutive common equivalent share reported in the
consolidated statements of income.