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.