EXHIBIT 11
ARMCO INC
COMPUTATION OF INCOME PER COMMON SHARE
(Dollars and shares in millions,
except per share amounts) Three Months Ended Six Months Ended
PRIMARY June 30, June 30,
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1995 1994 1995 1994
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Net income $ 35.9 $ 69.9 $ 38.3 $ 42.7
Preferred stock dividends (4.4) (4.4) (8.9) (8.9)
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Net income applicable to
common stock $ 31.5 $ 65.5 $ 29.4 $ 33.8
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Weighted average number of
common shares 106.0 104.5 105.8 104.3
Weighted average number of
common equivalent shares 0.2 0.1 0.2 0.1
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Average common shares outstanding
as adjusted 106.2 104.6 106.0 104.4
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Net income per common share $ 0.30 $ 0.63 $ 0.28 $ 0.32
FULLY DILUTED*
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Net income $ 35.9 $ 69.9 $ 38.3 $ 42.7
Preferred stock dividends - - - -
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Net income applicable to
common stock $ 35.9 $ 69.9 $ 38.3 $ 42.7
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Weighted average number of
common shares 106.0 104.5 105.8 104.3
Weighted average number of
common equivalent shares 0.1 0.1 0.2 0.1
Weighted average number of
preferred shares on an
"if converted" basis 22.7 22.7 22.7 22.7
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Average common shares outstanding
as adjusted 128.8 127.3 128.7 127.1
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Net income per common share $ 0.28 $ 0.55 $ 0.30 $ 0.34
Shares of stock outstanding at June 30
Common 106.1 104.6
Preferred - $2.10 Class A 1.7 1.7
Preferred - $3.625 Class A 2.7 2.7
Preferred - $4.50 Class B 1.0 1.0
<FN>
* Calculation of fully diluted income per share for each of the six month periods
is submitted in accordance with Securities Exchange Act of 1934 Release No. 9083,
although it is contrary to paragraph 40 of APB Opinion No. 15 because it produces an
antidilutive result, or is not required by footnote 2 to paragraph 14 of APB Opinion
No. 15 because it results in dilution of less than 3%.