EXHIBIT 11 MAXXAM INC. COMPUTATION OF NET INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE (IN MILLIONS OF DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS) Years Ended December 31, ------------------------------------------------------ 1993 1992 1991 -------------- -------------- --------------- Weighted average common and common equivalent shares outstanding during each year . . . . . . . . . . . . 9,376,703 9,367,974 9,333,574 Common equivalent shares attributable to stock options and convertible securities . . . . . . . . . 80,380 59,037 124,679 -------------- -------------- --------------- Total common and common equivalent shares . . . 9,457,083 9,427,011 9,458,253 ============== ============== =============== Income (loss) before extraordinary item and cumulative effect of changes in accounting principles . . . . . . . . . . . . . . . . . . . $ (131.9) $ (7.3) $ 57.5 Extraordinary item . . . . . . . . . . . . . . . . . (50.6) - - Cumulative effect of changes in accounting principles (417.7) - - -------------- -------------- --------------- Net income (loss) . . . . . . . . . . . . . . . . . . $ (600.2) $ (7.3) $ 57.5 ============== ============== =============== Per common and common equivalent share: Income (loss) before extraordinary item and cumulative effect of changes in accounting principles . . . . . . . . . . . . . . . . . . . $ (13.95) $ (.77) $ 6.08 Extraordinary item . . . . . . . . . . . . . . . (5.35) - - Cumulative effect of changes in accounting principles . . . . . . . . . . . . . . . . . . . (44.17) - - -------------- -------------- --------------- Net income (loss) . . . . . . . . . . . . . . . $ (63.47) $ (.77) $ 6.08 ============== ============== ===============