MAXXAM INC. COMPUTATION OF NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE Three Months Ended Nine Months Ended September 30, September 30, ------------------------- ------------------------ 1996 1995 1996 1995 ----------- ----------- ---------- ----------- (In millions of dollars, except share and per share amounts) Weighted average common and common equivalent shares outstanding during each period 9,377,029 9,376,703 9,376,812 9,376,703 Common equivalent shares attributable to stock options and convertible securities 89,465 102,229 91,871 81,526 ----------- ----------- ----------- ---------- Total common and common equivalent shares 9,466,494 9,478,932 9,468,683 9,458,229 =========== =========== =========== ========== Net income $ 5.3 $ 10.7 $ 28.0 $ 35.1 =========== =========== =========== ========== Net income per common and common equivalent share $ .56 $ 1.13 $ 2.96 $ 3.71 =========== =========== =========== ==========