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EXHIBIT 11
P. H. GLATFELTER COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
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1992 1993 1994 1995 1996
Weighted average number of common shares:
Shares outstanding, beginning of year 22,314,701 44,057,273 43,987,328 44,199,829 43,435,312
Adjusted for stock split in 1992
exclusive of shares below - applied retroactively 22,314,701
Issued for employee stock purchase plans 42,810 73,745 72,734 73,772 32,460
Issued for stock award plan 41,674 -- 10,035 -- 48,326
Issued for stock option plans -- -- -- 6,003 4,537
Issued for 401(k) plan -- -- -- 1,265 35,043
Shares of treasury stock to be issued under
restricted stock award plan and stock option
plans - common stock equivalents 484,149 290,343 178,060 304,908 192,261
Shares acquired and held in treasury (524,257) (106,601) -- (327,103) (837,844)
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Total 44,673,778 44,314,760 44,248,157 44,258,674 42,910,095
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Income (loss) before accounting changes $ 56,544,143 $ 20,408,988 $(118,251,441) $ 65,828,361 $ 60,399,028
Accounting changes -- (4,193,461) -- -- --
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Net income (loss) 56,544,143 16,215,527 (118,251,441) 65,828,361 60,399,028
Preferred dividends (7,368) (5,501) -- -- --
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Net income (loss) applicable to common shares $ 56,536,775 $ 16,210,026 $(118,251,441) $ 65,828,361 $ 60,399,028
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Income (loss) per common share
before accounting changes $ 1.27 $ 0.46 $ (2.67) $ 1.49 $ 1.41
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Net income (loss) per common share $ 1.27 $ 0.37 $ (2.67) $ 1.49 $ 1.41
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