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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 1, October 2, October 1, October 2,
1995 1994 1995 1994
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Primary earnings
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Net income available to common shareholders $ 38,699 $ 30,568 $ 116,467 $ 87,621
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Weighted average number of common shares
outstanding 91,148,586 91,454,472 91,148,586 91,454,472
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 2,155,951 916,006 1,740,709 929,872
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Weighted average number of common shares
outstanding as adjusted 93,304,537 92,370,478 92,889,295 92,384,344
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Primary earnings per common share $ 0.41 $ 0.33 $ 1.25 $ 0.95
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Assuming full dilution
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Net income available to common shareholders $ 38,699 $ 30,568 $ 116,467 $ 87,621
Elimination of preferred dividends 1,941 1,941 5,823 5,823
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Fully diluted net income $ 40,640 $ 32,509 $ 122,290 $ 93,444
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Weighted average number of common shares
outstanding 91,148,586 91,454,472 91,148,586 91,454,472
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 2,342,663 1,120,563 2,342,663 1,120,637
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
100,646,549 99,730,335 100,646,549 99,730,409
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Earnings per common share assuming
full dilution $ 0.41 $ 0.33 $ 1.22 $ 0.94
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Shares outstanding and per share data have been restated to reflect the 5%
common stock dividend on June 9, 1995.