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Tuscarora Incorporated
EXHIBIT 11 - COMPUTATION OF NET INCOME PER SHARE
<Caption
Three Months Ended Six Months Ended
February 28, February 29, February 28, February 29,
1997 1996 1997 1996
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(In thousands, except per share data)
PRIMARY
Weighted average number of
shares of Common Stock
outstanding 9,449 9,362 9,437 9,317
Net effect of dilutive stock
options - based on the
treasury stock method using
average market price
196 185 213 190
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TOTAL 9,645 9,547 9,650 9,507
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Net income 2,074 1,987 5,765 5,141
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Per share amount $ .22 $ .21 $ .60 $ .54
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FULLY DILUTED
Weighted average number of
shares of Common Stock
outstanding 9,449 9,362 9,437 9,317
Net effect of dilutive stock
options - based on the
treasury stock method using
greater of average market
price or closing market price 196 191 213 191
----- ----- ----- -----
TOTAL 9,645 9,553 9,650 9,508
===== ===== ===== =====
Net income 2,074 1,987 5,765 5,141
===== ===== ===== =====
Per share amount $ .22 $ .21 $ .60 $ .54
===== ===== ===== =====
The per share and share numbers for the three and six month periods ended
February 29, 1996 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.