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EXHIBIT (11)
SONOCO PRODUCTS COMPANY
COMPUTATION OF EARNINGS PER SHARE (UNAUDITED)
(Dollars in thousands, except per share)
Three Months Ended Six Months Ended
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July 2, July 3, July 2, July 3,
1995 1994 (A) 1995 1994 (A)
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Primary earnings
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Net income available to common shareholders $ 42,172 $ 30,895 $ 77,768 $ 57,054
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Weighted average number of common shares
outstanding 91,162,867 91,412,412 91,162,867 91,412,412
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 1,829,883 623,474 1,690,865 979,153
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Weighted average number of common shares
outstanding as adjusted 92,992,750 92,035,886 92,853,732 92,391,565
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Primary earnings per common share $ 0.46 $ 0.34 $ 0.84 $ 0.62
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Assuming full dilution
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Net income available to common shareholders $ 42,172 $ 30,895 $ 77,768 $ 57,054
Elimination of preferred dividends 1,941 1,941 3,882 3,882
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Fully diluted net income $ 44,113 $ 32,836 $ 81,650 $ 60,936
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Weighted average number of common shares
outstanding 91,162,867 91,412,412 91,162,867 91,412,412
Assuming exercise of options reduced by the number
of shares which could have been purchased (at the
higher of the end-of-period price or the average)
with proceeds from exercise of such options 1,892,901 679,953 1,892,901 979,153
Assuming conversion of preferred stock 7,155,300 7,155,300 7,155,300 7,155,300
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Weighted average number of common shares
outstanding as adjusted 100,211,068 99,247,665 100,211,068 99,546,865
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Earnings per common share assuming full dilution $ 0.44 $ 0.33 $ 0.81 $ 0.61
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(A) 1994 computations have been restated to reflect the 5% common stock
dividend on June 9, 1995.