Exhibit 11
50
ALBEMARLE CORPORATION
COMPUTATION OF PRO FORMA EARNINGS PER SHARE
for the years ended December 31, 1999 and 1998
(In thousands except per share amounts)
Pro Forma Pro Forma
1999 1998
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BASIC EARNINGS PER SHARE
Numerator:
- ----------
Net income after effect of
applying SFAS No. 123
"Accounting for Stock Based
Compensation" $88,018 $83,924
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Denominator:
- ------------
Average number of shares of
common stock outstanding 46,889 51,558
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Basic earnings per share $1.88 $1.63
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DILUTED EARNINGS PER SHARE
Numerator:
- ----------
Net income after effect of
applying SFAS No. 123
"Accounting for Stock Based
Compensation" $88,018 $83,924
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Denominator:
- ------------
Average number of shares of
common stock outstanding 46,889 51,558
Shares issuable upon the assumed
exercise of outstanding stock
options 624 623
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Total pro forma shares 47,513 52,181
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Diluted earnings per share $1.85 $1.61
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