EXHIBIT 11 Computation of Earnings Per Share REYNOLDS METALS COMPANY AND CONSOLIDATED SUBSIDIARIES (In millions, except share data) Quarter Ended March 31 _____________________________________ 1994 1993 _____________________________________ Average shares outstanding 60,961,321 59,776,521 ===================================== Net loss $(21.1) $(32.7) Less preferred stock dividends 6.8 - _____________________________________ Net loss applicable to common stock $(27.9) $(32.7) ===================================== Net loss per share $(0.46) $(0.55) =====================================