1 Tuscarora Incorporated EXHIBIT 11 - COMPUTATION OF NET INCOME PER SHARE Three Months Ended Six Months Ended February 28, February 28, February 28, February 28, 1995 1994 1995 1994 ------------ ------------ ------------ ------------ (In thousands, except per share data) PRIMARY Weighted average number of shares of Common Stock outstanding 6,151 6,120 6,149 6,118 Net effect of dilutive stock options - based on the treasury stock method using average market price 104 94 95 78 ----- ----- ----- ----- TOTAL 6,255 6,214 6,244 6,196 ===== ===== ===== ===== Net income 1,840 903 4,341 2,551 ===== ===== ===== ===== Per share amount $ .29 $ .15 $ .70 $ .41 ===== ===== ===== ===== FULLY DILUTED Weighted average number of shares of Common Stock outstanding 6,151 6,120 6,149 6,118 Net effect of dilutive stock options - based on the treasury stock method using greater of average market price or closing market price 136 98 137 97 ----- ----- ----- ----- TOTAL 6,287 6,218 6,286 6,215 ===== ===== ===== ===== Net income 1,840 903 4,341 2,551 ===== ===== ===== ===== Per share amount $ .29 $ .15 $ .69 $ .41 ===== ===== ===== =====