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Exhibit (11)
SONOCO PRODUCTS COMPANY
Computation of Earnings Per Share* (unaudited)
(Dollars in thousands, except per share)
Three Months Ended
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April 3, April 4,
1994 (A) 1993
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Primary earnings
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Net income available to common shareholders $ 26,159 $ 26,908
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Common shares
Weighted average number of shares outstanding 87,177,770 87,196,164
Assuming exercise of options (at average
price) reduced by the number of shares
which could have been purchased with
proceeds from exercise of such options 1,269,834 1,019,981
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Weighted average number of shares
outstanding as adjusted 88,447,604 88,216,145
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Primary earnings per common share $.30 $.31
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Assuming full dilution
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Net income available to common shareholders $26,159 $26,908
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Common shares
Weighted average number of shares outstanding 87,177,770 87,196,164
Assuming exercise of options (at the higher
of the end-of-period price or the
average) reduced by the number of shares
which could have been purchased with
proceeds from exercise of such options 1,269,834 1,019,981
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Weighted average number of shares
outstanding as adjusted 88,447,604 88,216,145
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Earnings per common share assuming
full dilution $.30 $.31
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(A) The Company issued 3,450,000 shares of Series A Cumulative Convertible
Preferred Stock in October 1993. The convertible preferred stock and the
related dividend had an anti-dilutive effect on earnings per share in
first quarter 1994 and are therefore excluded from the above computation.
* This calculation is submitted in accordance with Regulation S-K, Item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
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