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EXHIBIT 11
SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE)
Years Ended December 31
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1996 1995 1994
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Primary Earnings:
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Net income available to common shareholders $ 163,675 $ 156,756 $ 122,086
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Weighted average number of common
shares outstanding 90,512,746 91,138,507 91,444,613
Assuming exercise of options reduced by
the number of shares that could have been
purchased (at average price) with proceeds
from exercise of such options 2,110,304 1, 807,531 873,055
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Weighted average number of shares
outstanding as adjusted 92,623,050 92,946,038 92,317,668
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Primary earnings per common share $ 1.77 $ 1.68 $ 1.32
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Assuming Full Dilution:
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Net income available to common shareholders $ 163,675 $ 156,756 $ 122,086
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Elimination of preferred dividends 7,196 7,763 7,763
Fully diluted net income $ 170,871 $ 164,519 $ 129,849
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Weighted average number of common
shares outstanding 90,512,746 91,138,507 91,444,613
Assuming exercise of options reduced by the
number of shares that could have been
purchased (at the higher of the end-of-year
price or the yearly average) with proceeds
from exercise of such options 2,137,188 2,092,403 873,056
Assuming conversion of preferred stock 6,001,995 7,155,300 7,155,300
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Weighted average number of common
shares outstanding as adjusted 98,651,929 100,386,210 99,472,969
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Earnings per common share assuming
full dilution $ 1.73 $ 1.64 $ 1.31
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