EXHIBIT 11
To Cyprus Amax Minerals Company's
Quarterly Report on Form 10-Q
For the Quarter Ended September 30, 1997
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EXHIBIT 11
CYPRUS AMAX MINERALS COMPANY & SUBSIDIARIES
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COMPUTATION OF PER SHARE EARNINGS
(IN MILLIONS EXCEPT PER SHARE DATA)
Three Months Nine Months
Ended September 30 Ended September 30
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1997 1996 1997 1996
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Net Income $ 44 $ 14 $ 167 $ 129
Preferred Stock Dividends (5) (5) (14) (14)
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Income Applicable to Common Shares $ 39 $ 9 $ 153 $ 115
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Primary:
Average Common Shares Outstanding 93.4 93.2 93.4 93.2
Fully Diluted:
Average Common Shares Outstanding 93.4 93.2 93.4 93.2
Common Stock Equivalents - Options/(1)/ .1 .1 .1 .1
Conversion of Series A Preferred Stock 9.6 9.6 9.6 9.6
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Fully Diluted Average Common
Shares Outstanding 103.1 102.9 103.1 102.9
======== ======== ======== ========
Primary Earnings per Common Share .42 .10 1.63 1.23
Fully Diluted Earnings per Share .43/(2)/ .13/(2)/ 1.61 1.25/(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 per share were anti-dilutive.
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