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, ------------------------------ 1995 1994 ------------- ------------- 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 71,175 ------------- ------------- Total common and common equivalent shares 9,447,878 9,447,878 ============= ============= Loss before extraordinary item $ (1.0) $ (34.5) Extraordinary item - (5.4) ------------- ------------- Net loss $ (1.0) $ (39.9) ============= ============= Per common and common equivalent share: Loss before extraordinary item $ (.11) $ (3.65) Extraordinary item - (.57) ------------- ------------- Net loss $ (.11) $ (4.22) ============= =============