Exhibit 11 - Computations of Earnings Per Share
Tredegar Industries, Inc. and Subsidiaries
(In Thousands, Except Per-Share Amounts)
(Unaudited)
Third Quarter Nine Months
Ended Sept. 30 Ended Sept. 30
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1995 1994 1995 1994
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Income (loss) from
continuing operations ................ $6,626 $ (278) $17,145 $ (2,297)
Income from discontinued
energy operations .................... -- 26,753 -- 37,218
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Net income ........................... $6,626 $26,475 $17,145 $ 34,921
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Earnings (loss) per common
and dilutive common
equivalent share
as reported (1):
Continuing operations ................ $ .75 $ (.02) $ 1.91 $ (.21)
Discontinued energy
operations ......................... -- 2.52 -- 3.47
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Net income ......................... $ .75 $ 2.50 $ 1.91 $ 3.26
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PRIMARY EARNINGS PER
SHARE:
Shares issuable upon the
assumed exercise
of outstanding stock
options (2) .......................... 353 86 267 45
Weighted average common
shares outstanding
during period ........................ 8,448 10,590 8,723 10,735
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Weighted average common
and dilutive common
equivalent shares .................... 8,801 10,676 8,990 10,780
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Primary earnings per
share (1) ............................ $ .75 $ 2.48 $ 1.91 $ 3.24
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FULLY DILUTED EARNINGS
PER SHARE:
Shares issuable upon the
assumed exercise
of outstanding stock
options (3) .......................... 384 117 400 109
Weighted average common
shares outstanding
during period ........................ 8,448 10,590 8,723 10,735
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Weighted average common
and dilutive common
equivalent shares .................... 8,832 10,707 9,123 10,844
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Fully diluted earnings
per share (3) ....................... $ .75 $ 2.47 $ 1.88 $ 3.22
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Notes to Exhibit 11:
(1) Shares used to compute earnings (loss) per common and dilutive common
equivalent share include common stock equivalents for the third quarter and
nine months ended September 30, 1995.
(2) Computed using the average market price during the related period.
(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.