1 TUSCARORA INCORPORATED EXHIBIT 11 - COMPUTATION OF DILUTED NET INCOME PER SHARE THREE MONTHS ENDED NINE MONTHS ENDED MAY 31, MAY 31, 1998 1997 1998 1997 ---- ---- ---- ---- (IN THOUSANDS, EXCEPT PER SHARE DATA) Weighted average number of shares of Common Stock outstanding 9,488 9,464 9,482 9,446 Net effect of dilutive stock options - based on the treasury stock method using the average market price for the period 150 156 180 167 ------ ------ ------ ------ TOTAL 9,638 9,620 9,662 9,613 ====== ====== ====== ====== Net income $2,570 $1,885 $5,453 $7,651 ====== ====== ====== ====== Per share amount $ 0.27 $ 0.20 $ 0.56 $ 0.80 ====== ====== ====== ======