EXHIBIT 11
P. H. GLATFELTER COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
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1989 1990 1991 1992 1993
Weighted average number of common shares:
Shares outstanding, beginning of year 24,010,876 23,487,847 22,587,445 22,314,701 44,057,273
Adjusted for stock split in 1992
exclusive of shares below --
applied retroactively 24,010,876 23,487,847 22,587,445 22,314,701
Issued for employee stock
purchase plans 39,244 46,512 38,012 42,810 73,745
Adjusted for stock award plan -- 2,380 2,226 40,876 41,674
Shares of treasury stock to be issued
under restricted stock award plan
common stock equivalents 550,032 522,160 468,334 484,149 290,343
Shares acquired and held in treasury (317,776) (543,180) (122,824) (524,257) (106,601)
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Total 48,295,632 47,003,412 45,599,288 44,673,778 44,314,760
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Income before accounting changes $92,863,897 $88,331,631 $76,048,900 $56,544,143 $20,408,988
Accounting changes (4,193,461)
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Net income 92,863,897 88,331,631 76,048,900 56,544,143 16,215,527
Preferred dividends (7,462) (7,462) (7,451) (7,368) (5,501)
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Net income applicable to common shares $92,856,435 $88,324,169 $76,041,449 $56,536,775 $16,210,026
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Income per common share
before accounting changes $1.92 $1.88 $1.67 $1.27 $0.46
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Net income per common share $1.92 $1.88 $1.67 $1.27 $0.37
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