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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 28, September 29, September 28, September 29,
1997 1996 1997 1996
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Primary earnings
Net income available to common shareholders $ 41,247 $ 38,073 $ 126,111 $ 124,194
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Weighted average number
of common shares outstanding 91,081,791 90,959,645 90,433,177 90,959,645
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 2,569,350 2,072,276 2,108,291 2,072,276
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Weighted average number of shares
outstanding as adjusted 93,651,141 93,031,921 92,541,468 93,031,921
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Primary earnings per common share $ 0.44 $ 0.41 $ 1.36 $ 1.33
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Assuming full dilution
Net income available to common shareholders $ 41,247 $ 38,073 $ 126,111 $ 124,194
Elimination of preferred dividends 648 1,835 3,061 5,717
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Fully diluted net income $ 41,895 $ 39,908 $ 129,172 $ 129,911
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Weighted average number of
common shares outstanding 91,081,791 90,959,645 90,433,177 90,959,645
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 2,790,259 2,072,276 2,326,254 2,072,276
Assuming conversion of preferred stock 4,480,194 6,296,499 4,802,596 6,296,499
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Weighted average number of
shares outstanding as adjusted 98,352,244 99,328,420 97,562,027 99,328,420
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Earnings per common share assuming full dilution $ 0.42 $ 0.41 $ 1.32 $ 1.31
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