Everyone's signing each other's yearbook
Everyone's laughing and having fun
I've traded yearbooks, and sign them all but one

Everyone's signing each other's yearbook
Everyone's happy, but I am blue
Because my yearbook hasn't been signed by you

The others have been just notes to friends
Like, "Lots of luck always to you"
But I'm keeping clear a whole page for you, dear
To write simply, "I love you"

Everyone's signing each other's yearbook
Everyone's happy, but I am blue
Because my yearbook hasn't been signed by you

The sheet music gives one more verse, which wasn't on the 45-release:
[But dear, when I grow up someday you'll show up
And fill in the page reserved for you
And take the true love kept there inside for you]