EXHIBIT 11 STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(in thousands, except per share earnings (loss))
Six Months Six Months
Ended June 29, 1997 Ended June 30, 1996
---------------------- ----------------------
Primary Fully Diluted Primary Fully Diluted
------- ------------- ------- -------------
Average shares outstanding 8,837 8,837 8,539 8,541
Effect of dilutive stock options -
In 1996, based on the treasury
stock method using average
market price, which is greater
than period end market price 0 0 4 4
------- ------------- ------- -------------
Totals 8,837 8,837 8,543 8,545
------- ------------- ------- -------------
------- ------------- ------- -------------
Net income (loss) $(20,486) $(20,486) $100 $100
------- ------------- ------- -------------
------- ------------- ------- -------------
Earnings (loss) per share $(2.32) $(2.32) $.01 $.01
------- ------------- ------- -------------
------- ------------- ------- -------------
Three Months Three Months
Ended June 29, 1997 Ended June 30, 1996
---------------------- ----------------------
Primary Fully Diluted Primary Fully Diluted
------- ------------- ------- -------------
Average shares outstanding 8,937 8,937 8,562 8,563
Effect of dilutive stock options 0 0 0 0
------- ------------- ------- -------------
Totals 8,937 8,937 8,562 8,563
------- ------------- ------- -------------
------- ------------- ------- -------------
Net loss $(10,852) $(10,852) $(2,962) ($2,962)
------- ------------- ------- -------------
------- ------------- ------- -------------
Loss per share $(1.21) $(1.21) $(.35) $(.35)
------- ------------- ------- -------------
------- ------------- ------- -------------
For the six months ended June 29, 1997 and the quarters ended June 29, 1997 and
June 30, 1996 the effect of stock options are not included as they would be
anti-dilutive because of the Company's net loss in those periods.
16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CROWN VANTAGE INC.
(Registrant)
/s/ R. Neil Stuart /s/ Michael J. Hunter
- ---------------------- -------------------------
R. Neil Stuart Michael J. Hunter
Senior Vice President, Vice President,
Chief Financial Officer Chief Accounting Officer
(Duly Authorized Officer) (Duly Authorized
Chief Accounting Officer)
August 12, 1997