EXHIBIT 11
UCAR INTERNATIONAL INC.
COMPUTATION OF EARNINGS PER SHARE
(Dollars in millions, except per share data)
THREE MONTHS ENDED SEPTEMBER 30,
____________________________________________________
1996 1995
_______________________ _______________________
Fully Fully
Primary Diluted Primary Diluted
__________ __________ __________ __________
Income (loss) before extraordinary charge and cumulative
effect of change in accounting principles................................... $ 34.8 $ 34.8 $ (2.8) $ (2.8)
Pro forma effects of the Recapitalization (after tax):
Compensation expense related to the Company's long
term incentive compensation plan........................................ - - - -
Senior subordinated credit facility expense............................... - - - -
Net adjustment to interest................................................ - - - -
Taxes due to Recapitalization............................................. - - - -
Pro forma effects of the Initial Offering and Redemption (after tax):
Accelerated vesting of performance stock options and matching shares...... - - 12.0 12.0
Net adjustment to interest................................................ - - 2.0 2.0
Extraordinary charge...................................................... - - 15.0 15.0
Pro forma effects of the Refinancing (after tax):
Net adjustment to interest................................................ - - 2.0 2.0
__________ __________ __________ __________
Income before cumulative effect of change in accounting
principles (Pro forma in 1995).............................................. $ 34.8 $ 34.8 $ 28.2 $ 28.2
Cumulative effect on prior years of change in accounting for inventories..... .1 .1 - -
__________ __________ __________ __________
Net income - common stockholders (Pro forma in 1995)................ $ 34.9 $ 34.9 $ 28.2 $ 28.2
========== ========== ========== ==========
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............................. 46,323,935 46,323,935 45,959,718 45,959,718
Dilutive effect of stock options.......................................... 2,294,804 2,351,921 2,798,876 2,798,876
__________ __________ __________ __________
48,618,739 48,675,856 48,758,594 48,758,594
========== ========== ========== ==========
Net income per common share (Pro forma in 1995) (A):
Income before cumulative effect of change in accounting principles........ $ 0.72 $ 0.72 $ 0.58 $ 0.58
Cumulative effect on prior years of change in accounting for inventories.. - - - -
__________ __________ __________ __________
Net income per share................................................ $ 0.72 $ 0.72 $ 0.58 $ 0.58
========== ========== ========== ==========
(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.
NINE MONTHS ENDED SEPTEMBER 30,
____________________________________________________
1996 1995
_______________________ _______________________
Fully Fully
Primary Diluted Primary Diluted
__________ __________ __________ __________
Income (loss) before extraordinary charge and cumulative
effect of change in accounting principles................................... $ 107.7 $ 107.7 $ (23.8) $ (23.8)
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):
Accelerated vesting of performance stock options and matching shares...... - - 12.0 12.0
Net adjustment to interest................................................ - - 9.0 9.0
Extraordinary charge...................................................... - - 17.4 17.4
Pro forma effects of the Refinancing (after tax):
Net adjustment to interest................................................ - - 6.0 6.0
__________ __________ __________ __________
Income before cumulative effect of change in accounting
principles (Pro forma in 1995).............................................. $ 107.7 $ 107.7 $ 59.6 $ 59.6
Cumulative effect on prior years of change in accounting for inventories..... 7.1 7.1 - -
__________ __________ __________ __________
Net income - common stockholders (Pro forma in 1995)................ $ 114.8 $ 114.8 $ 59.6 $ 59.6
========== ========== ========== ==========
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............................. 46,173,537 46,173,537 45,959,718 45,959,718
Dilutive effect of stock options.......................................... 2,231,759 2,271,278 2,732,828 2,732,828
__________ __________ __________ __________
48,405,296 48,444,815 48,692,546 48,692,546
========== ========== ========== ==========
Net income per common share (Pro forma in 1995) (A):
Income before cumulative effect of change in accounting principles........ $ 2.22 $ 2.22 $ 1.22 $ 1.22
Cumulative effect on prior years of change in accounting for inventories.. 0.15 0.15 - -
__________ __________ __________ __________
Net income per share................................................ $ 2.37 $ 2.37 $ 1.22 $ 1.22
========== ========== ========== ==========
(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.
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