EXHIBIT 11
TO CYPRUS AMAX MINERALS COMPANY'S
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1996
-18-
EXHIBIT 11
CYPRUS AMAX MINERALS COMPANY & SUBSIDIARIES
-------------
COMPUTATION OF PER SHARE EARNINGS
(IN MILLIONS EXCEPT PER SHARE DATA)
Three Months Six Months
Ended June 30 Ended June 30
--------------- ---------------
1996 1995 1996 1995
------ ------ ------ ------
Net Income $ 53 $ 134 $ 115 $ 231
Preferred Stock Dividends (5) (4) (9) (9)
------ ------ ------ ------
Income Applicable to Common Shares 48 130 106 222
Primary:
Average Common Shares Outstanding 93.2 92.8 93.2 92.8
Fully Diluted:
Average Common Shares Outstanding 93.2 92.8 93.2 92.8
Common Stock Equivalents - Options(1) .1 .3 .1 .3
Conversion of Series A Preferred Stock 9.6 9.6 9.6 9.6
------ ------ ------ ------
Fully Diluted Average Common
Shares Outstanding 102.9 102.7 102.9 102.7
Earnings per Common Share .52 1.39 1.13 2.39
Fully Diluted Earnings per Share .51 1.31 1.12 2.27
/(1)/ Common stock equivalents are not included in primary earnings per share
because they are less than three percent dilutive.
-19-