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