Exhibit 11 - Computations of Earnings Per Share
Tredegar Industries, Inc. and Subsidiaries
(In Thousands, Except Per-Share Amounts)
(Unaudited)
Second Quarter Six Months
Ended June 30 Ended June 30
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1997 1996 1997 1996
Net income $ 16,347 $ 8,673 $ 27,301 $ 25,020
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Earnings per common and dilutive common
equivalent share as reported (1) $ 1.25 $ .66 $ 2.08 $ 1.92
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PRIMARY EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (2) 866 908 850 820
Weighted average common shares outstanding
during period 12,263 12,216 12,253 12,200
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Weighted average common and dilutive common
equivalent shares 13,129 13,124 13,103 13,020
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Primary earnings per share (1) $ 1.25 $ .66 $ 2.08 $ 1.92
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FULLY DILUTED EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (3) 908 922 921 893
Weighted average common shares outstanding
during period 12,263 12,216 12,253 12,200
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Weighted average common and dilutive common
equivalent shares 13,171 13,138 13,174 13,093
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Fully diluted earnings per share (3) $ 1.24 $ .66 $ 2.07 $ 1.91
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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.