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Tuscarora Incorporated
EXHIBIT 11 - COMPUTATION OF NET INCOME PER SHARE
Three Months Ended November 30,
1996 1995
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(In thousands, except per share data)
PRIMARY
Weighted average number of shares of
Common Stock outstanding 9,424 9,272
Net effect of dilutive stock options -
based on the treasury stock method
using average market price 159 203
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TOTAL 9,583 9,475
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Net income 3,692 3,154
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Per share amount $ .39 $ .33
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FULLY DILUTED
Weighted average number of shares of
Common Stock outstanding 9,424 9,272
Net effect of dilutive stock options -
based on the treasury stock method
using greater of average market price
or closing market price 160 204
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TOTAL 9,584 9,476
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Net income 3,692 3,154
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Per share amount $ .39 $ .33
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The per share and share numbers have been adjusted to reflect the 50% share
distribution declared on December 18, 1996 payable on January 13, 1997 to
holders of record on December 27, 1996.