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)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- ---------------------
1995 1994 1995 1994
---------- ---------- ---------- ----------
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 102,229 71,175 81,526 71,175
---------- --------- ---------- ---------
Total common and common
equivalent shares 9,478,932 9,447,878 9,458,229 9,447,878
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Income (loss) before
extraordinary item $ 10.7 $ (14.9) $ 35.1 $ (92.6)
Extraordinary item - - - (5.4)
---------- --------- ---------- ---------
Net income (loss) $ 10.7 $ (14.9) $ 35.1 $ (98.0)
========== ========= ========== =========
Per common and common
equivalent share:
Income (loss) before
extraordinary item $ 1.13 $ (1.58) $ 3.71 $ (9.80)
Extraordinary item - - - (.57)
---------- --------- ---------- ---------
Net income (loss) $ 1.13 $ (1.58) $ 3.71 $ (10.37)
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