EXHIBIT (11.1)
THE MEAD CORPORATION AND CONSOLIDATED SUBSIDIARIES
CALCULATION OF PRIMARY NET EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
(All amounts in thousands, except per share amounts)
Year Ended December 31
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1996 1995 1994
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $195,344 $349,972 $695,725
ADJUSTMENT FOR OTHER POTENTIALLY DILUTIVE
SECURITIES - Interest Savings (net of tax) on
Convertible Subordinated Debentures as if converted
at the beginning of the period 5,661
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $195,344 $349,972 $701,386
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AVERAGE NUMBER OF COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING:
Average number of common shares outstanding 52,421 54,380 59,333
Dilutive effect of stock options after
application of treasury stock method 748 913 621
Adjustment of other potentially dilutive
securities - Dilutive effect of Convertible
Subordinated Debentures as if converted at the
beginning of the year 2,601
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AVERAGE NUMBER OF COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING 53,169 55,293 62,555
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PRIMARY NET EARNINGS PER COMMON
AND COMMON EQUIVALENT SHARE $3.67 $6.33 $ 11.21
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