Potash Corporation of Saskatchewan (POT) 10-K 2004 FY Annual report

Exhibit 11

POTASH CORPORATION OF SASKATCHEWAN INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE YEARS ENDED DECEMBER 31

	2004		2003
A Net income (loss) as reported, Canadian GAAP ($ millions)		298.6		(126.3	)
B Items adjusting net income (loss) ($ millions)		7.8		46.5
C Net income (loss), US GAAP ($ millions)		306.4		(79.8	)
D Weighted average number of shares outstanding		107,967,000		104,460,000
E Net additional shares issuable for diluted earnings (loss) per share calculation		2,772,000		—
CANADIAN GAAP
Basic earnings (loss) per share (A/D)		2.77		(1.21	)
Diluted earnings (loss) per share (A/(D+E))		2.70		(1.21	)
UNITED STATES GAAP
Basic earnings (loss) per share (C/D)		2.84		(0.76	)
Diluted earnings (loss) per share (C/(D+E))		2.77		(0.76	)

All share and per-share data have been retroactively adjusted to reflect our two-for-one stock split effected by way of stock dividend in 2004.