1
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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June 30, July 2, June 30, July 2,
1996 1995 1996 1995
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Primary earnings
Net income available to common shareholders $ 44,814 $ 42,172 $ 86,121 $ 77,768
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Weighted average number
of common shares outstanding 91,118,603 91,162,867 91,118,603 91,162,867
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 2,126,956 1,829,883 2,073,118 1,690,865
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Weighted average number of shares
outstanding as adjusted 93,245,559 92,992,750 93,191,721 92,853,732
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Primary earnings per common share $ 0.48 $ 0.46 $ 0.92 $ 0.84
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Assuming full dilution
Net income available to common shareholders $ 44,814 $ 42,172 $ 86,121 $ 77,768
Elimination of preferred dividends 1,941 1,941 3,882 3,882
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Fully diluted net income $ 46,755 $ 44,113 $ 90,003 $ 81,650
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Weighted average number of
common shares outstanding 91,118,603 91,162,867 91,118,603 91,162,867
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 2,220,167 1,892,901 2,220,167 1,892,901
Assuming conversion of preferred stock 7,155,269 7,155,300 7,155,269 7,155,300
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Weighted average number of
shares outstanding as adjusted 100,494,039 100,211,068 100,494,039 100,211,068
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Earnings per common share assuming full dilution $ 0.47 $ 0.44 $ 0.90 $ 0.81
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