EXHIBIT 11
TO CYPRUS AMAX MINERALS COMPANY'S
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 1996
-18-
EXHIBIT 11
CYPRUS AMAX MINERALS COMPANY & SUBSIDIARIES
-------------
COMPUTATION OF PER SHARE EARNINGS
(IN MILLIONS EXCEPT PER SHARE DATA)
Three Months Nine Months
Ended September 30 Ended September 30
------------------- --------------------
1996 1995 1996 1995
-------- -------- -------- --------
Net Income/(Loss) $ 14 $ (203) $ 129 $ 28
Preferred Stock Dividends (5) (5) (14) 14
-------- -------- -------- --------
Income/(Loss) Applicable to Common Shares $ 9 $ (208) $ 115 $ 14
======== ======== ======== ========
Primary:
Average Common Shares Outstanding 93.2 92.9 93.2 92.9
Fully Diluted:
Average Common Shares Outstanding 93.2 92.9 93.2 92.9
Common Stock Equivalents - Options/(1)/ .1 .3 .1 .2
Conversion of Series A Preferred Stock 9.6 9.6 9.6 9.6
-------- -------- -------- --------
Fully Diluted Average Common
Shares Outstanding 102.9 102.8 102.9 102.7
======== ======== ======== ========
Earnings/(Loss) per Common Share .10 (2.23) 1.23 .15
Fully Diluted Earnings/(Loss) per Share .13/(2)/ (1.97)/(2)/ 1.25/(2)/ .28/(2)/
/(1)/ Common stock equivalents are not included in primary earnings per share
because they are less than three percent dilutive.
/(2)/ Fully diluted earnings/(loss) per share were anti-dilutive.
-19-