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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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September 29, October 1, September 29, October 1,
1996 1995 1996 1995
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Primary earnings
Net income available to common shareholders $ 38,073 $ 38,699 $ 124,194 $ 116,467
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Weighted average number
of common shares outstanding 90,959,645 91,148,586 90,959,645 91,148,586
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 2,072,276 2,155,951 2,072,276 1,740,709
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Weighted average number of shares
outstanding as adjusted 93,031,921 93,304,537 93,031,921 92,889,295
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Primary earnings per common share $ 0.41 $ 0.41 $ 1.33 $ 1.25
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Assuming full dilution
Net income available to common shareholders $ 38,073 $ 38,699 $ 124,194 $ 116,467
Elimination of preferred dividends 1,835 1,941 5,717 5,823
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Fully diluted net income $ 39,908 $ 40,640 $ 129,911 $ 122,290
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Weighted average number of
common shares outstanding 90,959,645 91,148,586 90,959,645 91,148,586
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 2,072,276 2,342,663 2,072,276 2,342,663
Assuming conversion of preferred stock 6,296,499 7,155,300 6,296,499 7,155,300
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Weighted average number of
shares outstanding as adjusted 99,328,420 100,646,549 99,328,420 100,646,549
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Earnings per common share assuming full dilution $ 0.41 $ 0.41 $ 1.31 $ 1.22
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