1
EXHIBIT (11)
SONOCO PRODUCTS COMPANY
COMPUTATION OF EARNINGS PER SHARE (UNAUDITED)
(Dollars in thousands, except per share)
Three Months Ended
------------------------
March 31, April 2,
1996 1995
----------- ----------
PRIMARY EARNINGS
Net income available to common shareholders $ 41,307 $ 35,596
============ ==========
Weighted average number of common shares
outstanding 91,136,586 91,183,518
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 2,071,449 1,355,508
------------ ----------
Weighted average number of common shares
outstanding as adjusted 93,208,035 92,539,026
============ ==========
Primary earnings per common share $ 0.44 $ 0.38
============ ==========
ASSUMING FULL DILUTION
Net income available to common shareholders $ 41,307 $ 35,596
Elimination of preferred dividends 1,941 1,941
------------ ----------
Fully diluted net income $ 43,248 $ 37,537
============ ==========
Weighted average number of common shares
outstanding 91,136,586 91,183,518
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 2,074,957 1,628,775
Assuming conversion of preferred stock 7,155,300 7,155,300
------------ ----------
Weighted average number of common shares
outstanding as adjusted 100,366,843 99,967,593
============ ==========
Earnings per common share assuming
full dilution $ 0.43 $ 0.37
============ ==========
Shares outstanding and per share data have been restated to reflect the 5%
stock dividend on June 9, 1995.