EXHIBIT 11 UCAR INTERNATIONAL INC. COMPUTATION OF EARNINGS PER SHARE (Dollars in millions, except per share data) Three Months Ended March 31, ---------------------------------------------------------- 1997 1996 --------------------------- -------------------------- Fully Fully Primary Diluted Primary Diluted --------------------------- -------------------------- Income before cumulative effect of change in accounting principles ..... $ 36.9 $ 36.9 $ 35.1 $ 35.1 Cumulative effect on prior years of change in accounting for inventories - - 7.0 7.0 --------------------------- -------------------------- Net income - common stockholders ............................... $ 36.9 $ 36.9 $ 42.1 $ 42.1 =========================== ========================== Weighted average number of common and common equivalent shares applicable to each earnings per share calculation: Weighted average number of shares outstanding ..................... 46,736,178 46,736,178 46,015,215 46,015,215 Dilutive effect of stock options .................................. 2,051,582 2,054,003 2,175,323 2,236,368 --------------------------- -------------------------- 48,787,760 48,790,181 48,190,538 48,251,583 =========================== ========================== Net income per common share (A): Income before cumulative effect of change in accounting principles .. $ 0.76 $ 0.76 $ 0.73 $ 0.73 Cumulative effect on prior years of change in accounting for inventories - - 0.15 0.15 --------------------------- -------------------------- Net income per share .......................................... $ 0.76 $ 0.76 $ 0.88 $ 0.88 =========================== ========================== (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.