Exhibit 11.2

                              ALBEMARLE CORPORATION

                   COMPUTATION OF PRO FORMA EARNINGS PER SHARE

                    for the year ended December 31, 1996 (1)

                     (In thousands except per share amounts)

                                                                     Pro Forma
                                                                        1996
                                                                        ----

Net income after effect of applying FASB Statement
   No. 123 "Accounting for Stock-Based Compensation"                 $155,863
                                                                     ========

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
                                                                     ========

Earnings per share  (2)                                              $   2.65
                                                                     ========


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 after
               effect of applying FASB Statement No. 123.

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