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EXHIBIT 11
P.H. GLATFELTER COMPANY AND SUBSIDIARIES
COMPUTATION OR EARNINGS PER SHARE
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1991 1992 1993 1994 1995
Weighted average number of common shares:
Shares outstanding, beginning of year 22,587,445 22,314,701 44,057,273 43,987,328 44,199,829
Adjusted for stock split in 1992
exclusive of shares below - applied retroactively 22,587,445 22,314,701
Issued for employees stock purchase plans 38,012 42,810 73,745 72,734 73,772
Issued for stock award plan 40,876 41,674 10,035
Issued for stock option plans 6,003
Issued for 401(K) plan 1,265
Shares of treasury stock to be issued under
restricted stock award plan and stock option
plans - common stock equivalents 468,334 484,149 290,343 178,060 304,908
Shares acquired and held in treasury (122,824) (524,257) (106,601) (327,103)
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Total 45,599,288 44,673,778 44,314,760 44,248,157 44,258,674
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Income (loss) before accounting changes $76,048,900 $56,544,143 $20,408,988 $(118,251,441) $65,828,361
Accounting changes (4,193,461)
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Net income (loss) 76,048,900 56,544,143 16,215,527 (118,251,441) 65,828,361
Preferred dividends (7,451) (7,368) (5,501)
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Net income (loss) applicable to common shares $76,041,449 $56,536,775 $16,210,026 $(118,251,441) $65,828,361
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Income (loss) per common share
before accounting changes $ 1.67 $ 1.27 $ 0.46 $ (2.67) $ 1.49
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Net income (loss) per common share $ 1.67 $ 1.27 $ 0.37 $ (2.67) $ 1.49
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