EXHIBIT 11 - COMPUTATIONS OF EARNINGS PER SHARE
Tredegar Industries, Inc. and Subsidiaries
(In thousands, except per-share amounts)
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1995 1994 1993
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Income from continuing operations $24,053 $ 1,417 $ 3,723
Income from discontinued energy operations - 37,218 6,784
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Net income before extraordinary item and cumulative
effect of changes in accounting principles 24,053 38,635 10,507
Extraordinary item - - (1,115)
Cumulative effect of changes in accounting for
postretirement benefits other than pensions
(net of tax) and income taxes - - 150
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Net income $24,053 $38,635 $ 9,542
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Earnings per share common and dilutive common
equivalent share as reported (1):
Continuing operations $ 1.80 $ 0.09 $ 0.23
Discontinued energy operations - 2.40 0.42
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Before extraordinary items
and cumulative effect of changes in
accounting principles 1.80 2.49 0.65
Extraordinary item - - (0.07)
Cumulative effect of accounting changes - - 0.01
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Net income $ 1.80 $ 2.49 $ 0.59
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PRIMARY EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (2) 454 90 51
Weighted average common shares outstanding
during period 12,916 15,524 16,343
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Weighted average common and dilutive common
equivalent shares 13,370 15,614 16,394
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Primary earnings per share (1) $ 1.80 $ 2.47 $ 0.58
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FULLY DILUTED EARNINGS PER SHARE:
Shares issuable upon the assumed exercise
of outstanding stock options (3) 618 135 57
Weighted average common shares outstanding
during period 12,916 15,524 16,343
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Weighted average common and dilutive common
equivalent shares 13,534 15,659 16,400
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Fully diluted earnings per share (3) $ 1.78 $ 2.47 $ 0.58
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Notes:
(1) Shares used to compute earnings per common and dilutive common equivalent
share include common stock equivalents for the year ended December 31,
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 per common and dilutive common equivalent share is not
materially different (dilutive by 3% or more) from earnings per common and
dilutive common equivalent share reported in the consolidated statements
of income.