THERMO FIBERTEK INC. Computation of Earnings per Share Three Months Ended ------------------------------ September 28, September 30, 1996 1995 ------------------------------------------------------------------------ Computation of Fully Diluted Earnings per Share: Income: Net income $ 4,213,000 $ 5,992,000 Add: Convertible debt interest, net of tax 79,000 79,000 ----------- ----------- Income applicable to common stock assuming full dilution (a) $ 4,292,000 $ 6,071,000 ----------- ----------- Shares: Weighted average shares outstanding 61,088,657 60,827,252 Add: Shares issuable from assumed conversion of subordinated convertible obligation 1,888,113 1,888,113 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 1,404,451 1,352,676 ----------- ----------- Weighted average shares outstanding, as adjusted (b) 64,381,221 64,068,041 ----------- ----------- Fully Diluted Earnings per Share (a) / (b) $ .07 $ .09 =========== =========== PAGE THERMO FIBERTEK INC. Computation of Earnings per Share (continued) Nine Months Ended ----------------------------- September 28, September 30, 1996 1995 ------------------------------------------------------------------------ Computation of Fully Diluted Earnings per Share: Income: Net income $14,295,000 $14,203,000 Add: Convertible debt interest, net of tax 237,000 237,000 ----------- ----------- Income applicable to common stock assuming full dilution (a) $14,532,000 $14,440,000 ----------- ----------- Shares: Weighted average shares outstanding 61,015,230 60,759,465 Add: Shares issuable from assumed conversion of subordinated convertible obligation 1,888,113 1,888,113 Shares issuable from assumed exercise of options (as determined by the application of the treasury stock method) 1,494,662 1,352,676 ----------- ----------- Weighted average shares outstanding, as adjusted (b) 64,398,005 64,000,254 ----------- ----------- Fully Diluted Earnings per Share (a) / (b) $ .23 $ .23 =========== ===========