EXHIBIT 11
UCAR INTERNATIONAL INC.
COMPUTATION OF EARNINGS PER SHARE
(Dollars in millions, except per share data)
Three Months Ended March 31,
____________________________________________________
1996 1995
_______________________ _______________________
Fully Fully
Primary Diluted Primary Diluted
__________ __________ __________ __________
Income (loss) before cumulative effect of change in accounting principle..... $ 35.1 $ 35.1 $ (45.5) $ (45.5)
Pro forma effects of the Recapitalization (after tax):
Compensation expense related to the Company's long
term incentive compensation plan....................................... - - 1.0 1.0
Senior subordinated credit facility expense............................... - - 4.0 4.0
Net adjustment to interest................................................ - - (3.0) (3.0)
Taxes due to Recapitalization............................................. - - 37.0 37.0
Pro forma effects of the Initial Offering and Redemption (after tax):
Net adjustment to interest................................................ - - 4.0 4.0
Pro forma effects of the Refinancing (after tax):
Net adjustment to interest................................................ - - 2.0 2.0
__________ __________ __________ __________
Income (loss) from continuing operations for
income calculation (Pro forma in 1995).................................... $ 35.1 $ 35.1 $ (0.5) $ (0.5)
Cumulative effect on prior years of change in accounting for inventories..... 7.0 7.0 - -
__________ __________ __________ __________
Net income (loss) - common stockholders (Pro forma in 1995).......... $ 42.1 $ 42.1 $ (0.5) $ (0.5)
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Weighted average number of common and common equivalent shares
applicable to each earnings per share calculation (Pro forma in 1995):
Weighted average number of shares outstanding............................. 46,015,215 46,015,215 45,039,718 45,039,718
Dilutive effect of stock options.......................................... 2,175,323 2,236,368 2,697,994 2,697,994
__________ __________ __________ __________
48,190,538 48,251,583 47,737,712 47,737,712
========== ========== ========== ==========
Net income (loss) per common share (Pro forma in 1995) (A):
Income (loss) before cumulative effect of change in accounting principle.. $ 0.73 $ 0.73 $ (0.01) $ (0.01)
Cumulative effect on prior years of change in accounting for inventories.. 0.15 0.15 - -
__________ __________ __________ __________
Net income (loss) per share.......................................... $ 0.88 $ 0.88 $ (0.01) $ (0.01)
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<FN>
(A) Fully diluted earnings per share is not significantly different than primary net income per share, and therefore, has not
been presented on the face of the Consolidated Statements of Operations.
</FN>