POLYMER GROUP, INC.
Exhibit 11-Statement of Computation of Per Share Earnings
Pro Forma
Pro Forma Three Months Three Months Three Months
Year Ended Ended Ended Ended
December 28, March 29, March 29, March 30,
1996 1997 1997 1996
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PRIMARY INCOME (LOSS) PER COMMON
SHARE
Net income (loss) available to common stock (A) $ 20,373 $ 3,526 $ 4,962 $ (2,587)
Common shares:
Weighted average shares outstanding 32,000 32,000 32,000 956
Adjustments:
Common share equivalents
Shares - - - 18,126
Warrants to purchase common shares - - - 1,418
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Weighted average number of shares outstanding (B) 32,000 32,000 32,000 20,500
Primary income (loss) per common share $ 0.64 $ 0.11 $ 0.16 $ (0.13)
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INCOME (LOSS) PER COMMON SHARE ASSUMING
FULL DILUTION
Net income (loss) available to common stock (A) $ 20,373 $ 3,526 $ 4,962 $ (2,587)
Common shares:
Weighted average shares outstanding 32,000 32,000 32,000 956
Adjustments:
Common share equivalents
Shares - - - 18,126
Warrants to purchase common shares - - - 1,418
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Weighted average number of shares outstanding (B) 32,000 32,000 32,000 20,500
Income (loss) per common share, assuming full
dilution $ 0.64 $ 0.11 $ 0.16 $ (0.13)
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Fiscal Year Ended
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December 28, December 30, December 31, January 1,
1996 1995 1994 1994
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PRIMARY INCOME (LOSS) PER COMMON
SHARE
Net income (loss) available to common stock (A) $ (2,130) $ (28,446) $ (23,919) $ 960
Common shares:
Weighted average shares outstanding 27,688 1,097 938 176
Adjustments:
Common share equivalents
Shares - 17,985 18,144 18,906
Warrants to purchase common shares - 1,418 1,418 1,418
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Weighted average number of shares outstanding (B) 27,688 20,500 20,500 20,500
Primary income (loss) per common share $ (0.08) $ (1.39) $ (1.17) $ 0.05
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INCOME (LOSS) PER COMMON SHARE ASSUMING
FULL DILUTION
Net income (loss) available to common stock (A) $ (2,130) $ (28,446) $ (23,919) $ 960
Common shares:
Weighted average shares outstanding 27,688 1,097 938 176
Adjustments:
Common share equivalents
Shares - 17,985 18,144 18,906
Warrants to purchase common shares - 1,418 1,418 1,418
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Weighted average number of shares outstanding (B) 27,688 20,500 20,500 20,500
Income (loss) per common share, assuming full
dilution $ (0.08) $ (1.39) $ (1.17) $ 0.05
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(A) Adjusted for cumulative dividends on redeemable preferred stock.
(B) The calculation of weighted average shares outstanding gives effect to the
approximate 19.97 to 1 stock split which was approved by the Company's Board of
Directors on March 5, 1996.