EXHIBIT 11 MAXXAM INC. COMPUTATION OF NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE (IN MILLIONS OF DOLLARS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ended March 31, --------------------------- 1997 1996 ------------- ------------- Weighted average common and common equivalent shares outstanding during each period 9,326,330 9,376,703 Common equivalent shares attributable to stock options and convertible securities 101,780 98,369 ------------- ------------- Total common and common equivalent shares 9,428,110 9,475,072 ============= ============= Net income $ .7 $ 5.8 ============= ============= Net income per common and common equivalent share $ .07 $ .61 ============= =============