Exhibit 11 THERMO FIBERTEK INC. Computation of Earnings per Share Three Months Ended ---------------------------- March 29, March 30, 1997 1996 - ---------------------------------------------------------------------------- Computation of Fully Diluted Earnings per Share: Income: Net income $ 3,460,000 $ 5,206,000 Add: Convertible debt interest, net of tax 79,000 79,000 ----------- ----------- Income applicable to common stock assuming full dilution (a) $ 3,539,000 $ 5,285,000 ----------- ----------- Shares: Weighted average shares outstanding 61,140,495 60,934,520 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) 1,160,395 1,532,985 ----------- ----------- Weighted average shares outstanding, as adjusted (b) 64,189,003 64,355,618 ----------- ----------- Fully Diluted Earnings per Share (a) / (b) $ .06 $ .08 =========== ===========