
<PAGE>

 
                              POLYMER GROUP, INC.
           Exhibit 11-Statement of Computation of Per Share Earnings
<TABLE>
<CAPTION>

                                                                              Pro Forma
                                                        Pro Forma           Three Months        Three Months        Three Months
                                                       Year Ended               Ended               Ended               Ended
                                                       December 28,           March 29,           March 29,           March 30,
                                                           1996                  1997               1997                1996
                                                      --------------         -----------        ------------        ------------
<S>                                                   <C>                    <C>                <C>                 <C>
PRIMARY INCOME (LOSS) PER COMMON
   SHARE
Net income (loss) available to common stock (A)       $       20,373         $     3,526        $      4,962        $     (2,587)


Common shares:
Weighted average shares outstanding                           32,000              32,000              32,000                 956
Adjustments:
     Common share equivalents
       Shares                                                      -                   -                   -              18,126
       Warrants to purchase common shares                          -                   -                   -               1,418
                                                      --------------         -----------        ------------        ------------

Weighted average number of shares outstanding (B)             32,000              32,000              32,000              20,500

Primary income (loss) per common share               $         0.64         $      0.11        $       0.16        $      (0.13) 
                                                      ==============         ===========        ============        ============  
                                                     
INCOME (LOSS) PER COMMON SHARE ASSUMING
     FULL DILUTION
Net income (loss) available to common stock (A)       $       20,373         $     3,526        $      4,962        $     (2,587)

Common shares:
Weighted average shares outstanding                           32,000              32,000              32,000                 956

Adjustments:
     Common share equivalents
          Shares                                                   -                   -                   -              18,126
          Warrants to purchase common shares                       -                   -                   -               1,418
                                                      --------------         -----------        ------------        ------------

Weighted average number of shares outstanding (B)             32,000              32,000              32,000              20,500

Income (loss) per common share, assuming full                                                                                    
dilution                                              $         0.64         $      0.11        $       0.16        $      (0.13)
                                                      ==============         ===========        ============        ============ 

                                                                                   Fiscal Year Ended
                                                      --------------------------------------------------------------------------

                                                      December 28,           December 30,        December 31,          January 1,
                                                          1996                   1995                1994                 1994
                                                      ------------           ------------        ------------        ------------
PRIMARY INCOME (LOSS) PER COMMON                                                                                                 
   SHARE
Net income (loss) available to common stock (A)       $  (2,130)             $   (28,446)       $    (23,919)       $        960 


Common shares:
Weighted average shares outstanding                      27,688                    1,097                 938                 176
Adjustments:
     Common share equivalents
          Shares                                              -                   17,985              18,144              18,906
          Warrants to purchase common shares                  -                    1,418               1,418               1,418
                                                      ----------            ------------        ------------        ------------

Weighted average number of shares outstanding (B)        27,688                   20,500              20,500              20,500

Primary income (loss) per common share                $   (0.08)            $      (1.39)       $      (1.17)       $       0.05
                                                      =========             ============        ============        ============

INCOME (LOSS) PER COMMON SHARE ASSUMING
     FULL DILUTION
Net income (loss) available to common stock (A)       $  (2,130)            $    (28,446)       $    (23,919)       $        960

Common shares:
Weighted average shares outstanding                      27,688                    1,097                 938                 176

Adjustments:
     Common share equivalents
          Shares                                              -                   17,985              18,144              18,906
          Warrants to purchase common shares                  -                    1,418               1,418               1,418
                                                      ---------             ------------        ------------        ------------

Weighted average number of shares outstanding (B)        27,688                   20,500              20,500              20,500

Income (loss) per common share, assuming full                                                                                    
dilution                                              $   (0.08)            $      (1.39)       $      (1.17)       $       0.05 
                                                      =========             ============        ============        ============ 
</TABLE>
(A) Adjusted for cumulative dividends on redeemable preferred stock.

(B) The calculation of weighted average shares outstanding gives effect to the
approximate 19.97 to 1 stock split which was approved by the Company's Board of
Directors on March 5, 1996.
