Exhibit 11

65
                                                       Exhibit 11
                                                       ----------

                      ALBEMARLE CORPORATION

           COMPUTATION OF PRO FORMA EARNINGS PER SHARE

               for the year ended December 31, 1996

             (In thousands except per share amounts)



                                                     Pro
                                                    Forma 
                                                    1996
                                                 ----------
                                               
BASIC EARNINGS PER SHARE

Numerator:
- ----------

Net income adjusted to reflect
 operations without the Olefins Business          $61,054
                                                  --------

Denominator:
- -----------

Average number of shares of common stock
 outstanding                                       58,353
                                                  --------
Basic earnings per share                            $1.05
                                                    ======

DILUTED EARNINGS PER SHARE

Numerator:
- ---------

Net income adjusted to reflect operations
 without the Olefins Business                     $61,054
                                                  --------

Denominator:
- -----------

Average number of shares of common stock
 outstanding                                       58,353

Shares issuable upon the assumed exercise of
 outstanding stock options                            489
                                                  --------

Shares of common stock and common stock
 equivalents                                       58,842
                                                  --------

Diluted earnings per share                          $1.04
                                                    ======