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Tuscarora Incorporated
EXHIBIT 11 - COMPUTATION OF NET INCOME PER SHARE
Three Months Ended Nine Months Ended
May 31, May 31,
1997 1996 1997 1996
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(In thousands, except per share data)
PRIMARY
Weighted average number of
shares of Common Stock
outstanding 9,464 9,399 9,446 9,345
Net effect of dilutive stock
options - based on the
treasury stock method using
average market price 169 192 173 191
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TOTAL 9,633 9,591 9,619 9,536
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Net income 1,885 2,371 7,651 7,512
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Per share amount $ .20 $ .25 $ .80 $ .79
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FULLY DILUTED
Weighted average number of
shares of Common Stock
outstanding 9,464 9,399 9,446 9,345
Net effect of dilutive stock
options - based on the
treasury stock method using
greater of average market
price or closing market price 169 195 173 195
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TOTAL 9,633 9,594 9,619 9,540
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Net income 1,885 2,371 7,651 7,512
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Per share amount $ .20 $ .25 $ .80 $ .79
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The per share and share numbers for the three and nine month periods ended May
31, 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.