EXHIBIT 11 HOMESTAKE MINING COMPANY AND SUBSIDIARIES Computation of Earnings Per Share (unaudited) (In thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, PRIMARY 1995 1994 1995 1994 =========== =========== ============ =========== Earnings: Net income applicable to primary earnings per share calculation $ 4,945 $ 10,849 $ 22,684 $ 68,018 =========== =========== ============ =========== Weighted average number of shares outstanding 137,949 137,742 137,891 137,717 =========== =========== ============ =========== Net income per share - primary $ 0.04 $ 0.08 $ 0.16 $ 0.49 =========== =========== ============ =========== FULLY DILUTED Earnings: Net income $ 4,945 $ 10,849 $ 22,684 $ 68,018 Add: Interest relating to 5.5% convertible subordinated notes, net of tax 1,629 1,629 4,888 4,888 Amortization of issuance costs relating to 5.5% convertible subordinated notes, net of tax 111 111 332 332 ----------- ----------- ------------ ----------- Net income applicable to fully diluted earnings per share calculation $ 6,685 $ 12,589 $ 27,904 $ 73,238 =========== =========== ============ =========== Weighted average number of shares outstanding: Common shares 137,949 137,742 137,891 137,717 Additional shares relating to conversion of 5.5% convertible subordinated notes 6,505 6,505 6,505 6,505 ----------- ----------- ------------ ----------- 144,454 144,247 144,396 144,222 =========== =========== ============ =========== Net income per share - fully diluted(a) $ 0.05 $ 0.09 $ 0.19 $ 0.51 =========== =========== ============ =========== <FN> (a) This calculation is submitted in accordance with Regulation S-K item 601 (b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15 because it produces an anti-dilutive result. </FN>