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EXHIBIT 11.1
ETHYL CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
for the years ended December 31, 1996, 1995 and 1994
(In thousands except per share amounts)
1996 1995 1994
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Net income $92,972 $73,963 $97,755
Less preferred stock dividends
First Preferred:
6% Series A, $6.00 per share - - (12)
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Net income applicable to common stock 92,972 73,963 97,743
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Average number of shares of common stock
outstanding 118,444 118,436 118,427
Shares issuable upon the assumed exercise of
outstanding stock options (1) 4 10 24
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Shares of common stock and common stock
equivalents (1) (2) 118,448 118,446 118,451
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Earnings per share (3) $0.78 $0.62 $0.83
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<FN>
Notes:
(1) For fully-diluted earnings per share, the shares issuable upon the assumed exercise
of outstanding stock options would be 4, 11, and 26 in 1996, 1995, and 1994,
respectively, and the shares of common stock equivalents would have been 118,448,
118,447, and 118,453, respectively.
(2) To determine the average number of shares of common stock and common stock
equivalents, the average number of common shares and common stock equivalents
outstanding (actual or assumed for equivalents) during each month were added
together and the sum was then divided by 12.
(3) Primary earnings per share and fully-diluted earnings per share are the same
amounts.