EXHIBIT (11.1)
THE MEAD CORPORATION AND CONSOLIDATED SUBSIDIARIES
CALCULATION OF PRIMARY NET EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
(All amounts in thousands, except per share amounts)
Year Ended December 31
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1994 1993 1992
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $695,725 $124,166 $71,603
ADJUSTMENT FOR OTHER POTENTIALLY DILUTIVE
SECURITIES - Interest Savings (net of tax) on
Convertible Subordinated Debentures as if
converted at the beginning of the period 5,661
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $701,386 $124,166 $71,603
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AVERAGE NUMBER OF COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING:
Average number of common shares outstanding 59,333 59,021 58,606
Dilutive effect of stock options after
application of treasury stock method 621 572 403
Adjustment of other potentially dilutive
securities - Dilutive effect of Convertible
Subordinated Debentures as if converted at
the beginning of the year 2,601
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AVERAGE NUMBER OF COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING 62,555 59,593 59,009
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PRIMARY NET EARNINGS PER COMMON
AND COMMON EQUIVALENT SHARE $11.21 $2.08 $ 1.21
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92