EXHIBIT 11 VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES COMPUTATION OF EARNINGS PER SHARE For the Years Ended December 31 Amounts in thousands, except per share data 1994 1993 1992 1991 1990 Primary and fully diluted earnings: Average common shares outstanding 36,450 36,757 37,590 38,052 38,676 Common share equivalents: Performance Share Plan 233 218 190 164 154 Total shares 36,683 36,975 37,780 38,216 38,830 Net earnings from continuing operations $97,976 $88,229 $90,980 $52,580 $120,278 Net earnings (loss) from discontinued operations -- -- -- -- -- Net earnings before cumulative effect of accounting changes 97,976 88,229 90,980 52,580 120,278 Net earnings from cumulative effect of accounting changes -- -- 3,005 -- -- Net earnings $97,976 $88,229 $93,985 $52,580 $120,278 Primary and fully diluted earnings (loss) per share of common stock: Continuing operations $2.67 $2.39 $2.41 $1.38 $3.10 Discontinued operations -- -- -- -- -- Earnings before cumulative effect of accounting changes 2.67 2.39 2.41 1.38 3.10 Cumulative effect of accounting changes -- -- .08 -- -- Net earnings $2.67 $2.39 $2.49 $1.38 $3.10