EXHIBIT 11
UCAR INTERNATIONAL INC.
COMPUTATION OF EARNINGS PER SHARE
(Dollars in millions, except per share data)
THREE MONTHS ENDED JUNE 30,
____________________________________________________
1997 1996
_______________________ _______________________
Fully Fully
Primary Diluted Primary Diluted
__________ __________ __________ __________
Income before cumulative effect of change in accounting principles........... $ 42.4 $ 42.4 $ 37.8 $ 37.8
Cumulative effect on prior years of change in accounting for inventories..... - - - -
__________ __________ __________ __________
Net income - common stockholders.................................... $ 42.4 $ 42.4 $ 37.8 $ 37.8
Weighted average number of common and common equivalent shares
applicable to each earnings per share calculation:
Weighted average number of shares outstanding............................. 45,770,451 45,770,451 46,181,461 46,181,461
Dilutive effect of stock options.......................................... 1,953,396 2,020,195 2,225,151 2,225,545
__________ __________ __________ __________
47,723,847 47,790,646 48,406,612 48,407,006
========== ========== ========== ==========
Net income per common share (A):
Income before cumulative effect of change in accounting principles........ $ 0.89 $ 0.89 $ 0.78 $ 0.78
Cumulative effect on prior years of change in accounting for inventories.. - - - -
__________ __________ __________ __________
Net income per share................................................ $ 0.89 $ 0.89 $ 0.78 $ 0.78
========== ========== ========== ==========
(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.
SIX MONTHS ENDED JUNE 30,
____________________________________________________
1997 1996
_______________________ _______________________
Fully Fully
Primary Diluted Primary Diluted
__________ __________ __________ __________
Income before cumulative effect of change in accounting principles........... $ 79.3 $ 79.3 $ 73.0 $ 73.0
Cumulative effect on prior years of change in accounting for inventories..... - - 7.0 7.0
__________ __________ __________ __________
Net income - common stockholders.................................... $ 79.3 $ 79.3 $ 80.0 $ 80.0
========== ========== ========== ==========
Weighted average number of common and common equivalent shares
applicable to each earnings per share calculation:
Weighted average number of shares outstanding............................. 46,253,314 46,253,314 46,098,338 46,098,338
Dilutive effect of stock options.......................................... 2,002,489 2,037,100 2,200,237 2,230,957
__________ __________ __________ __________
48,255,803 48,290,414 48,298,575 48,329,295
========== ========== ========== ==========
Net income per common share (A):
Income before cumulative effect of change in accounting principles........ $ 1.64 $ 1.64 $ 1.51 $ 1.51
Cumulative effect on prior years of change in accounting for inventories.. - - 0.15 0.15
__________ __________ __________ __________
Net income per share................................................ $ 1.64 $ 1.64 $ 1.66 $ 1.66
========== ========== ========== ==========
(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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