LSB INDUSTRIES, INC. Exhibit 11.1
Page 1 of 2
PRIMARY EARNINGS PER SHARE COMPUTATION
Quarter ended March 31,
_____________________________
1994 1993
____________ ___________
Shares for primary earnings per share:
Weighted average shares:
Common shares outstanding from
beginning of period 13,673,971 7,393,674
Common shares issued on conversion
of redeemable preferred stock;
calculated on weighted average
basis 360 1,070
Common shares issued on conversion
of convertible preferred stock;
calculated on weighted average
basis - 1,304,070
Common shares issued upon exercise
of employee or director stock
options; calculated on weighted
average basis 6,833 19,500
Purchases of treasury stock;
calculated on weighted average
basis (20,000) -
Sale of stock; calculated on
weighted average basis - 5,843
__________ _________
13,661,164 8,724,157
Common Stock equivalents:
Shares issuable upon exercise of
options and warrants (including
the weighted average for shares
subject to options and warrants
granted during the period) 934,807 2,069,776
Assumed repurchase of outstanding
shares up to the 20% limitation
(based on average market price for
the period) (247,510) (513,253)
Common shares issuable on conversion
of redeemable preferred stock,
excluding shares included above
on actual conversion 66,560 67,810
__________ __________
753,857 1,624,333
__________ __________
14,415,021 10,348,490
========== ==========
Earnings for primary earnings per share:
Net earnings $ 2,203,665 $ 2,657,133
Dividends on cumulative preferred stocks (76,145) ( 77,220)
Dividends on convertible, exchangeable
Class C preferred stock (6.5% annually) (747,500) -
__________ __________
Earnings applicable to common stock $ 1,380,020 $ 2,579,913
========== ==========
Earnings per share $.10 $.25
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LSB INDUSTRIES, INC. Exhibit 11.1
Page 2 of 2
FULLY DILUTED EARNINGS PER SHARE COMPUTATION
Quarter ended March 31,
____________________________
1994 1993
__________ __________
Shares for fully diluted earnings per
share:
Weighted average shares outstanding
for primary earnings per share 13,661,164 8,724,157
Shares issuable upon exercise of
options and warrants 934,807 2,069,776
Assumed repurchase of outstanding
shares up to the 20% limitation
(based on ending market price
for the quarter if greater than
the average) (247,510) (495,004)
Common shares issuable on conversion
of redeemable preferred stock,
excluding shares included above on
actual conversion 66,560 67,810
Common shares issuable upon conversion
of convertible note payable 4,000 4,000
Common shares issuable upon conversion
of convertible preferred stock, if
dilutive, from date of issue:
Series B 666,666 666,666
Series 1, net of shares
held in treasury - 3,748,470
__________ __________
15,085,687 14,785,875
========== ==========
Earnings for fully diluted earnings
per share:
Net earnings $ 2,203,665 $ 2,657,133
Interest on convertible note 180 180
Dividends on cumulative preferred
stocks (747,500) -
__________ __________
Earnings applicable to common stock $ 1,456,345 $ 2,657,313
========== ==========
Earnings per share $.10 $.18
==== ====