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Exhibit 11
ALBEMARLE CORPORATION
COMPUTATION OF PRO FORMA EARNINGS PER SHARE
for the years ended December 31, 2002 and 2001
(In thousands except per share amounts)
Pro Forma2002 | Pro Forma2001 | |||||
BASIC EARNINGS PER SHARE | ||||||
Numerator: | ||||||
Net income after effect of applying SFAS No. 123 “Accounting for Stock Based Compensation” | $ | 73,051 | $ | 66,524 | ||
Denominator: | ||||||
Average number of shares of common stock outstanding |
| 42,104 |
| 45,766 | ||
Basic earnings per share | $ | 1.74 | $ | 1.45 | ||
DILUTED EARNINGS PER SHARE | ||||||
Numerator: | ||||||
Net income after effect of applying SFAS No. 123 “Accounting for Stock Based Compensation” | $ | 73,051 | $ | 66,524 | ||
Denominator: | ||||||
Average number of shares of common stock outstanding |
| 42,104 |
| 45,766 | ||
Shares issuable upon the assumed exercise of outstanding stock options and other common stock equivalents |
| 1,033 |
| 758 | ||
Total pro forma shares |
| 43,137 |
| 46,524 | ||
Diluted earnings per share | $ | 1.69 | $ | 1.43 | ||