EXHIBIT 11
REYNOLDS METALS COMPANY AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(In millions, except share data)
EARNINGS PER COMMON SHARE:
Earnings per common share is based on the average number of common shares
outstanding and, in 1994, is after preferred stock dividend requirements.
Common stock equivalents relating to preferred stock are not included in 1994
since their effect would be anti-dilutive.
YEARS ENDED DECEMBER 31
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1994 1993 1992
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Average shares outstanding 61,756,000 59,850,000 59,603,000
Income (loss) before cumulative effects
of accounting changes $121.7 ($322.1) ($109.2)
Cumulative effects of accounting changes - - (639.6)
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Net income (loss) 121.7 (322.1) (748.8)
Less preferred stock dividends 34.1 - -
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Net income (loss) available to
common stockholders $87.6 ($322.1) ($748.8)
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Earnings per common share:
Income (loss) before cumulative effects
of accounting changes $1.42 ($5.38) ($1.83)
Cumulative effects of accounting changes - - (10.73)
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Net income (loss) $1.42 ($5.38) ($12.56)
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EARNINGS PER SHARE OF COMMON STOCK AND COMMON STOCK EQUIVALENT:
Earnings per share of common stock and common stock equivalent is based on
the average number of shares outstanding and, in 1994, the average number
of common stock equivalents outstanding. The average number of common
stock equivalents outstanding is based on the maximum potential issuance
of common stock upon conversion of PRIDES, which is one share of common
stock for each share of PRIDES. This computation is made for presentation
purposes only since its effect is anti-dilutive.
YEARS ENDED DECEMBER 31
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1994 1993 1992
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Average shares outstanding 72,033,000 59,850,000 59,603,000
Income (loss) before cumulative effects
of accounting changes $121.7 ($322.1) ($109.2)
Cumulative effects of accounting changes - - (639.6)
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Net income (loss) available to common
stock and common stock equivalents $121.7 ($322.1) ($748.8)
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Earnings per share of common stock
and common stock equivalent:
Income (loss) before cumulative effects
of accounting changes $1.69 ($5.38) ($1.83)
Cumulative effects of accounting changes - - (10.73)
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Net income (loss) $1.69 ($5.38) ($12.56)
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