EXHIBIT 11 - Computations of Earnings Per Share
Tredegar Industries, Inc. and Subsidiaries
(In thousands, except per-share amounts)
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1996 1995 1994
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Income from continuing operations $ 45,035 $ 24,053 $ 1,417
Income from discontinued Energy segment operations - - 37,218
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Net income $ 45,035 $ 24,053 $ 38,635
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Earnings per share common and dilutive common
equivalent share as reported (1):
Continuing operations $ 3.44 $ 1.80 $ 0.09
Discontinued Energy segment operations - - 2.40
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Net income $ 3.44 $ 1.80 $ 2.49
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PRIMARY EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (2) 897 454 90
Weighted average common shares outstanding
during period 12,208 12,916 15,524
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Weighted average common and dilutive common
equivalent shares 13,105 13,370 15,614
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Primary earnings per share (1) $ 3.44 $ 1.80 $ 2.47
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FULLY DILUTED EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (3) 988 618 135
Weighted average common shares outstanding
during period 12,208 12,916 15,524
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Weighted average common and dilutive common
equivalent shares 13,196 13,534 15,659
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Fully diluted earnings per share (3) $ 3.41 $ 1.78 $ 2.47
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Notes:
(1) Shares used to compute earnings per common and dilutive common equivalent
share include common stock equivalents for the years ended December 31,
1996 and 1995.
(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.