POLYMER GROUP, INC.
Exhibit 11-Statement of Computation of Per Share Earnings
Pro Forma
Pro Forma Six Months Six Months Six Months
Year Ended Ended Ended Ended
December 28, June 28, June 28, June 29,
1996 1997 1997 1996
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PRIMARY INCOME (LOSS) PER COMMON
SHARE
Net income (loss) available to common stock (A) $20,373 $ 7,898 $ 10,974 $(14,837)
Common shares:
Weighted average shares outstanding 32,000 32,000 32,000 23,375
Adjustments:
Common share equivalents
Shares - - - -
Warrants to purchase common shares - - - -
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Weighted average number of shares outstanding (B) 32,000 32,000 32,000 23,375
Primary income (loss) per common share $ 0.64 $ 0.25 $ 0.34 $ (0.64)
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INCOME (LOSS) PER COMMON SHARE ASSUMING
FULL DILUTION
Net income (loss) available to common stock (A) $20,373 $ 7,898 $ 10,974 $(14,837)
Common shares:
Weighted average shares outstanding 32,000 32,000 32,000 23,375
Adjustments:
Common share equivalents
Shares - - - -
Warrants to purchase common shares - - - -
------- -------- -------- --------
Weighted average number of shares outstanding (B) 32,000 32,000 32,000 23,375
Income (loss) per common share assuming full dilution $ 0.64 $ 0.25 $ 0.34 $ (0.64)
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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
------- -------- -------- --------
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.