Exhibit 11 - Computations of Earnings Per Share Tredegar Industries, Inc. and Subsidiaries (In Thousands, Except Per-Share Amounts) (Unaudited) Second Quarter Six Months Ended June 30 Ended June 30 1995 1994 1995 1994 Income (loss) from continuing operations $ 6,074 $ 3,074 $10,519 $(2,019) Income from discontinued operations - 1,772 - 10,465 Net income $ 6,074 $ 4,846 $10,519 $ 8,446 Earnings (loss) per common and dilutive common equivalent share as reported (2): Continuing operations $ .68 $ .29 $ 1.16 $ (.19) Discontinued operations - .16 - .97 Net income $ .68 $ .45 $ 1.16 $ .78 PRIMARY EARNINGS PER SHARE: Shares issuable upon the assumed exercise of outstanding stock options (1) 246 32 207 33 Weighted average common shares outstanding during period 8,717 10,722 8,862 10,808 Weighted average common and dilutive common equivalent shares 8,963 10,754 9,069 10,841 Primary earnings per share (2) $ .68 $ .45 $ 1.16 $ .78 FULLY DILUTED EARNINGS PER SHARE: Shares issuable upon the assumed exercise of outstanding stock options (3) 298 32 299 33 Weighted average common shares outstanding during period 8,717 10,722 8,862 10,808 Weighted average common and dilutive common equivalent shares 9,015 10,754 9,161 10,841 Fully diluted earnings per share (3) $ .67 $ .44 $ 1.15 $ .77 Notes to Exhibit 11: (1) Computed using the average market price during the related period. (2) Shares used to compute earnings (loss) per common and dilutive common equivalent share include common stock equivalents for the second quarter and six months ended June 30, 1995. (3) Computed using the higher of the average market price during the related period and the market price at the end of the related period. Fully diluted earnings (loss) per common and dilutive common equivalent share is not materially different (dilutive by 3% or more) from earnings (loss) per common and dilutive common equivalent share reported in the consolidated statements of income.