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EXHIBIT (11)
SONOCO PRODUCTS COMPANY
COMPUTATION OF EARNINGS PER SHARE* (UNAUDITED)
(Dollars in thousands, except per share)
Three Months Ended Nine Months Ended
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October 2, October 3, October 2, October 3,
1994 1993 1994 1993
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Primary earnings
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Net income available to common shareholders $ 30,568 $ 28,504 $ 87,621 $ 87,220
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Common shares:
Weighted average number
of shares outstanding 87,099,497 87,289,326 87,099,497 87,289,326
Assuming exercise of options reduced by the
number of shares which could have been
purchased (at average price) with proceeds
from exercise of such options 872,387 769,606 885,593 886,463
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Weighted average number of shares
outstanding as adjusted 87,971,884 88,058,932 87,985,090 88,175,789
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Primary earnings per common share $ 0.35 $ 0.32 $ 1.00 $ 0.99
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Assuming full dilution
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Net income available to common shareholders $ 30,568 $ 28,504 $ 87,621 $ 87,220
============ ============ ============ ============
Common shares:
Weighted average number of
shares outstanding 87,099,497 87,289,326 87,099,497 87,289,326
Assuming exercise of options reduced by the
number of shares which could have been
purchased (at the higher of end-of-period
price or average) with proceeds from
exercise of such options 1,067,274 769,606 1,067,274 886,463
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Weighted average number of shares
outstanding as adjusted 88,166,771 88,058,932 88,166,771 88,175,789
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Earnings per common share assuming
full dilution $ 0.35 $ 0.32 $ 0.99 $ 0.99
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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
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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