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Exhibit 11.1
POPE & TALBOT, INC.
STATEMENT SHOWING CALCULATION OF AVERAGE
COMMON SHARES OUTSTANDING AND EARNINGS
PER AVERAGE COMMON SHARE
| Three months ended June 30, |
Six months ended June 30, |
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| 1999 | 1998 | 1999 | 1998 | |
| Weighted average number of common shares outstanding |
13,481,441 | 13,481,441 | 13,481,441 | 13,481,441 |
| Application of the "treasury stock" method to the stock option plan |
36,823 | - | 20,437 | - |
| Total common and common equivalent shares, assuming dilution |
13,518,264 | 13,481,441 | 13,501,878 | 13,481,441 |
| Net income (loss) | $ 2,921,000 | $(7,126,000) | $ 645,000 | $13,355,000 |
| Diluted net income (loss) per common share | $ .22 | $ (.53) | $ .05 | $ .99 |
The computation of basic net income per common share is not included because the computation can be clearly determined from the material contained in this report.
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