EXHIBIT 11 - Computations of Earnings Per Share
Tredegar Industries, Inc. and Subsidiaries
(In thousands, except per-share amounts)
Third Quarter Nine Months
Ended Sept. 30 Ended Sept. 30
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1996 1995 1996 1995
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Net income $10,735 $ 6,626 $ 35,755 $ 17,145
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Earnings per common and dilutive common
equivalent share as reported (1) $ .82 $ .50 $ 2.74 $ 1.27
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PRIMARY EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (2) 909 530 846 400
Weighted average common shares outstanding
during period 12,203 12,672 12,201 13,085
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Weighted average common and dilutive common
equivalent shares 13,112 13,202 13,047 13,485
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Primary earnings per share (1) $ .82 $ .50 $ 2.74 $ 1.27
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FULLY DILUTED EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (3) 938 576 937 600
Weighted average common shares outstanding
during period 12,203 12,672 12,201 13,085
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Weighted average common and dilutive common
equivalent shares 13,141 13,248 13,138 13,685
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Fully diluted earnings per share (3) $ .82 $ .50 $ 2.72 $ 1.25
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Notes to Exhibit 11:
(1) Shares used to compute earnings per common and dilutive common
equivalent share in the consolidated statements of income include
common stock equivalents.
(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.