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 Six Months Ended
June 30, June 30,
----------------------- -----------------------
1994 1993 1994 1993
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Weighted average common and common
equivalent shares outstanding
during each period . . . . . . 9,376,703 9,376,703 9,376,703 9,376,703
Common equivalent shares
attributable to stock options
and convertible securities . . 71,175 86,175 71,175 86,175
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Total common and common equivalent
shares . . . . . . . . . . . . 9,447,878 9,462,878 9,447,878 9,462,878
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Loss before extraordinary item and
cumulative effect of changes in $(43.2) $(15.8) $(77.7) $(41.7)
accounting principles . . . .
Extraordinary item . . . . . . . . - - -5.4 (44.1)
Cumulative effect of changes in
accounting principles . . . . - - - (417.7)
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Net loss . . . . . . . . . . . . . $(43.2) $(15.8) $(83.1) $(503.5)
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Per common and common equivalent
share:
Loss before extraordinary item
and cumulative effect of $(4.57) $(1.67) $(8.22) $(4.41)
changes in accounting
principles . . . . . . .
Extraordinary item . . . . . . - - -0.57 (4.66)
Cumulative effect of changes in
accounting principles . . - - - (44.14)
----------- ---------- ----------- ---------
Net loss . . . . . . . . . . . $(4.57) $(1.67) $(8.79) $(53.21)
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