EXHIBIT 11 MAXXAM INC. COMPUTATION OF NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE Three Months Ended March 31, ---------------------------- 1998 1997 -------------- ------------- Weighted average common shares outstanding 7,000,597 8,656,948 Common equivalent shares attributable to stock options and convertible securities 796,918 770,636 -------------- ------------- Total common and common equivalent shares 7,797,515 9,427,584 ============== ============= Earnings per share information: Basic: Net income $ 0.28 $ .08 ============== ============= Diluted: Net income per common and common equivalent share $ 0.25 $ .07 ============== =============