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Exhibit 11

GLASSMASTER COMPANY
COMPUTATION OF EARNINGS PER SHARE
For the two years ended August 31, 2002
(Thousands except for per share figures)

|         |                                                                                                     |       |                         |       |       |      |      |        |       |      |  
|-------- | --------------------------------------------------------------------------------------------------- | ----- | ----------------------- | ----- | ----- | ---- | ---- | ------ | ----- | ---- | -
|         |                                                                                                     |       |                         |       | 2002  |      | 2001
|         |                                                                                                     |       |                         |       |       |      |     
|Primary: |                                                                                                     |       |                         |       |       |      |      |       
|         | Income (Loss) from Continuing Operations                                                            |       | $                       | (543  | )     |      | $    | (1,272 | )    
|         | Income (Loss) from Discontinued Operations                                                          |       |                         | 0     |       |      |      | 0      |      
|         |                                                                                                     |       |                         |       |       |      |      |        |      
|         | Net Income(Loss)                                                                                    |       | $                       | (543  | )     |      | $    | (1,272 | )    
|         |                                                                                                     |       |                         |       |       |      |      |        |      
|Basic:   |                                                                                                     |       |                         |       |       |      |      |       
|         | Average Shares Outstanding                                                                          |       |                         | 1,636 |       |      |      | 1,631  |      
|         | Per Share Amounts:                                                                                  |       |                         |       |       |      |      |        |      
|         |                                                                                                     |       | Continuing Operations   |       | $     | (.33 | )    |        | $     | (.78 | )
|         |                                                                                                     |       | Discontinued Operations |       |       | 0    |      |        |       | 0    |  
|         |                                                                                                     |       |                         |       |       |      |      |        |      
|         |                                                                                                     |       | Net Income (Loss)       |       | $     | (.33 | )    |        | $     | (.78 | )
|Diluted: |                                                                                                     |       |                         |       |       |      |      |       
|         | Average Shares Outstanding                                                                          |       |                         | 1,636 |       |      |      | 1,631  |      
|         | Net effect of dilutive stock options under the treasury stock
method using the average market price |       |                         | 0     |       |      |      | 0      |      
|         |                                                                                                     |       |                         |       |       |      |      |        |      
|         |                                                                                                     | Total |                         |       | 1,636 |      |      |        | 1,631 |     
|         | Per Share Amounts:                                                                                  |       |                         |       |       |      |      |        |      
|         |                                                                                                     |       | Continuing Operations   |       | $     | (.33 | )    |        | $     | (.78 | )
|         |                                                                                                     |       | Discontinued Operations |       |       | 0    |      |        |       | 0    |  
|         |                                                                                                     |       |                         |       |       |      |      |        |      
|         |                                                                                                     |       | Net Income (Loss)       |       | $     | (.33 | )    |        | $     | (.78 | )

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