1 TUSCARORA INCORPORATED EXHIBIT 11 - COMPUTATION OF DILUTED NET INCOME PER SHARE Three Months Ended Six Months Ended February 28, February 28, February 28, February 28, 1998 1997 1998 1997 ------------ ----------- ----------- ---------- Weighted average number of shares of Common Stock outstanding 9,482 9,449 9,446 9,437 Net effect of dilutive stock options - based on the treasury stock method using the average market price for the period -- 208 196 171 ------- ------ ------ ------ TOTAL 9,482 9,657 9,642 9,608 ======= ====== ====== ====== Net income $ (889) $2,074 $2,883 $5,765 ======= ====== ====== ====== Per share amount $ (.09) $ .21 $ .30 $ .60 ======= ====== ====== ======