Exhibit 11
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Per Share Earnings (Unaudited)
(In millions)
Nine Months Ended
September 30,
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1996 1995
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Primary earnings per share
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Primary earnings:
Net income $134.5 $113.1
Less ESOP preferred dividend, net of tax benefit
and other (5.0) (4.3)
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Net income $129.5 $108.8
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Primary shares:
Weighted average shares outstanding 49.8 48.8
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Primary net income per common share $2.60 $2.24
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Fully diluted earnings per share
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Fully diluted earnings:
Net income $134.5 $113.1
Less additional ESOP contribution (2.5) (2.3)
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Net income $132.0 $110.8
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Fully diluted shares:
Weighted average number of common
shares outstanding and common
stock equivalents 49.8 48.8
Dilutive effect of:
ESOP preferred stock 2.0 2.5
Stock options 0.4 0.1
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Fully diluted shares 52.2 51.4
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Fully diluted net income per common share $2.53 $2.16
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