Exhibit 11 - Computations of Earnings Per Share
                   Tredegar Industries, Inc. and Subsidiaries
                    (In Thousands, Except Per-Share Amounts)
                                   (Unaudited)


                                                              Third Quarter               Nine Months
                                                             Ended Sept. 30             Ended Sept. 30
                                                         ------------------------   ------------------------
                                                            1997         1996          1997        1996

                                                                                       

Net income                                                  $ 15,137    $ 10,735      $ 42,438     $ 35,755
                                                         ============ ===========   =========== ============

Earnings per common and dilutive common
     equivalent share as reported (1)                         $ 1.14       $ .82        $ 3.23       $ 2.74
                                                         ============ ===========   =========== ============

PRIMARY EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
     of outstanding stock options (2)                            948         909           887          846
Weighted average common shares outstanding
     during period                                            12,306      12,203        12,271       12,201
                                                         ------------ -----------   ----------- ------------
Weighted average common and dilutive common
     equivalent shares                                        13,254      13,112        13,158       13,047
                                                         ============ ===========   =========== ============

Primary earnings per share (1)                                $ 1.14       $ .82        $ 3.23       $ 2.74
                                                         ============ ===========   =========== ============

FULLY DILUTED EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
     of outstanding stock options (3)                            979         938           986          937
Weighted average common shares outstanding
     during period                                            12,306      12,203        12,271       12,201
                                                         ------------ -----------   ----------- ------------
Weighted average common and dilutive common
     equivalent shares                                        13,285      13,141        13,257       13,138
                                                         ============ ===========   =========== ============

Fully diluted earnings per share (3)                          $ 1.14       $ .82        $ 3.20       $ 2.72
                                                         ============ ===========   =========== ============



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.