Exhibit 11.1
NewMarket Corporation and Subsidiaries
Computation of Basic and Diluted Earnings per Share
For the Years Ended December 31, 2005, 2004 and 2003
(In thousands except per share amounts)
2005 | 2004 | 2003 | |||||||
Basic earnings per share | |||||||||
Numerator: | |||||||||
Income available to shareholders, as reported | $ | 42,381 | $ | 33,058 | $ | 37,053 | |||
Denominator: | |||||||||
Average number of shares of common stock outstanding | 17,028 | 16,916 | 16,733 | ||||||
Basic earnings per share | $ | 2.49 | $ | 1.95 | $ | 2.21 | |||
Diluted earnings per share | |||||||||
Numerator: | |||||||||
Income available to shareholders, as reported | $ | 42,381 | $ | 33,058 | $ | 37,053 | |||
Denominator: | |||||||||
Average number of shares of common stock outstanding | 17,028 | 16,916 | 16,733 | ||||||
Shares issuable upon exercise of stock options | 292 | 283 | 207 | ||||||
17,320 | 17,199 | 16,940 | |||||||
Diluted earnings per share | $ | 2.45 | $ | 1.92 | $ | 2.19 | |||
Note:
In the periods presented, NewMarket Corporation had only one class of common stock outstanding.