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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1997 1996
Net income $10,954 $16,347
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Earnings per common and dilutive common
equivalent share as reported (1) $ .83 $ 1.27
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PRIMARY EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (2) 935 690
Weighted average common shares outstanding
during period 12,243 12,187
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Weighted average common and dilutive common
equivalent shares 13,178 12,877
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Primary earnings per share (1) $ .83 $ 1.27
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FULLY DILUTED EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (3) 935 690
Weighted average common shares outstanding
during period 12,243 12,187
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Weighted average common and dilutive common
equivalent shares 13,178 12,877
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Fully diluted earnings per share (3) $ .83 $ 1.27
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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 rela-
ted 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.