EXHIBIT 11 MAXXAM INC. COMPUTATION OF NET LOSS PER COMMON AND COMMON EQUIVALENT SHARE (IN MILLIONS OF DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ended March 31, 1994 1993 Weighted average common and common equivalent shares outstanding during each period 9,376,703 9,376,703 Common equivalent shares attributable to stock options and convertible securities 71,175 86,175 ----------- ----------- Total common and common equivalent shares 9,447,878 9,462,878 =========== =========== Loss before extraordinary item and cumulative effect of changes in accounting principles $(34.5) $(25.9) Extraordinary item (5.4) (44.1) Cumulative effect of changes in accounting principles - (417.7) ----------- ----------- Net loss $(39.9) $(487.7) =========== =========== Per common and common equivalent share: Loss before extraordinary item and cumulative effect of changes in accounting principles $(3.65) $(2.74) Extraordinary item (.57) (4.66) Cumulative effect of changes in accounting principles - (44.14) ----------- ----------- Net loss $(4.22) $(51.54) =========== ===========