Exhibit 11.1
ALBEMARLE CORPORATION
COMPUTATION OF PRO FORMA EARNINGS PER SHARE
for the years ended December 31, 1996 and 1995 (1)
(In thousands except per share amounts)
Pro Forma Pro Forma
1996 1995
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Net income adjusted to reflect operations without
the Olefins Business $61,054 $89,180
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Average number of shares of common stock outstanding 58,353 66,069
Shares issuable upon the assumed exercise of outstanding
stock options 489 283
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Shares of common stock and common stock equivalents 58,842 66,352
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Earnings per share (2) $ 1.04 $ 1.34
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Notes:
(1) Earnings per share is computed as if the Company's common stock
distributed to Ethyl shareholders had been outstanding for the
entire periods presented and also includes common stock
equivalents based on outstanding stock options.
(2) Primary earnings per share and fully-diluted earnings per share
are the same amounts and are computed based on net income
adjusted to reflect operations without the Olefins Business.
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