1 Tuscarora Incorporated EXHIBIT 11 - COMPUTATION OF NET INCOME PER SHARE Three Months Ended Nine Months Ended May 31, May 31, 1995 1994 1995 1994 ----- ----- ----- ----- (In thousands, except per share data) PRIMARY Weighted average number of shares of Common Stock outstanding 6,153 6,137 6,150 6,124 Net effect of dilutive stock options - based on the treasury stock method using average market price 124 83 106 82 ----- ----- ----- ----- TOTAL 6,277 6,220 6,256 6,206 ===== ===== ===== ===== Net income 2,345 1,519 6,686 4,070 ===== ===== ===== ===== Per share amount $ .37 $ .24 $1.07 $ .66 ===== ===== ===== ===== FULLY DILUTED Weighted average number of shares of Common Stock outstanding 6,153 6,137 6,150 6,124 Net effect of dilutive stock options - based on the treasury stock method using greater of average market price or closing market price 124 83 123 82 ----- ----- ----- ----- TOTAL 6,277 6,220 6,273 6,206 ===== ===== ===== ===== Net income 2,345 1,519 6,686 4,070 ===== ===== ===== ===== Per share amount $ .37 $ .24 $1.07 $ .66 ===== ===== ===== ===== 14