EXHIBIT 11
HOMESTAKE MINING COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except per share amounts)
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1995 1994 1993
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PRIMARY:
Earnings:
Net income $30,327 $78,016 $52,494
Less dividends on HCI series 1 second preference shares (885)
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Net income applicable to primary earnings
per share calculation $30,327 $78,016 $51,609
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Weighted average number of shares outstanding 138,117 137,733 137,046
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Net income per share - primary $0.22 $0.57 $0.38
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FULLY DILUTED:
Earnings:
Net income $30,327 $78,016 $52,494
Less dividends on HCI series 1 second preference shares (885)
Add:
Interest relating to 5.5% convertible
subordinated notes, net of tax 6,517 6,517 3,447
Amortization of issuance costs relating to 5.5%
convertible subordinated notes, net of tax 443 443 234
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Net income applicable to fully diluted earnings
per share calculation $37,287 $84,976 $55,290
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Weighted average number of shares outstanding:
Common shares 138,117 137,733 137,046
Additional average shares outstanding assuming
conversion of 5.5% convertible subordinated notes 6,505 6,505 3,397
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144,622 144,238 140,443
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Net income per share - fully diluted (a) $0.26 $0.59 $0.39
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<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 produced an anti-dilutive result.