Exhibit (11.1)
THE MEAD CORPORATION AND CONSOLIDATED SUBSIDIARIES
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CALCULATION OF PRIMARY NET EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
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(ALL AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Third Quarter Ended Three Quarters Ended
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October 2, October 3, October 2, October 3,
1994 1993 1994 1993
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $53,188 $29,994 $133,186 $102,807
ADJUSTMENT FOR OTHER POTENTIALLY DILUTIVE
SECURITIES - Interest savings (net of tax) on
Convertible Subordinated Debentures as if
converted at the beginning of the period 1,389 4,166 4,292
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $54,577 $29,994 $137,352 $107,099
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AVERAGE NUMBER OF COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING:
Average number of common shares outstanding 59,390 59,097 59,312 58,976
Dilutive effect of stock options after
application of treasury stock method 702 616 586 597
Adjustment for other potentially dilutive
securities - Dilutive effect of Convertible
Subordinated Debentures as if converted
at the beginning of the period 2,630 2,630 2,630
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AVERAGE NUMBER OF COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING 62,722 59,713 62,528 62,203
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PRIMARY NET EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE $.87 $.50 $2.20 $1.72
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