EXHIBIT 11 Computation of Earnings Per Share REYNOLDS METALS COMPANY AND CONSOLIDATED SUBSIDIARIES (In millions, except share data) Quarter Ended Nine Months Ended September 30 September 30 1994 1993 1994 1993 _______________________________________________________ Average shares outstanding 62,017,545 59,842,476 61,649,836 59,811,025 ======================================================= Net income (loss) $62.0 $(28.0) $52.8 $(83.5) Less preferred stock dividends 9.1 - 25.0 - _______________________________________________________ Net income (loss) applicable to common stock $52.9 $(28.0) $27.8 $(83.5) ======================================================= Net income (loss) per share $0.86 $(0.47) $0.45 $(1.40) =======================================================