EXHIBIT 11
UCAR INTERNATIONAL INC.
COMPUTATION OF EARNINGS PER SHARE
(Dollars in millions, except per share data)
THREE MONTHS ENDED SEPTEMBER 30,
____________________________________________________
1997 1996
_______________________ _______________________
Fully Fully
Primary Diluted Primary Diluted
__________ __________ __________ __________
Income before cumulative effect of change in accounting principle............ $ 36.8 $ 36.8 $ 34.8 $ 34.8
Cumulative effect on prior years of change in accounting for inventories..... - - 0.1 0.1
__________ __________ __________ __________
Net income - common stockholders.................................... $ 36.8 $ 36.8 $ 34.9 $ 34.9
Weighted average number of common and common equivalent shares
applicable to each earnings per share calculation:
Weighted average number of shares outstanding............................. 45,837,779 45,837,779 46,323,935 46,323,935
Dilutive effect of stock options.......................................... 1,873,554 1,910,165 2,294,804 2,351,921
__________ __________ __________ __________
47,711,333 47,747,944 48,618,739 48,675,856
========== ========== ========== ==========
Net income per common share (A):
Income before cumulative effect of change in accounting principle......... $ 0.77 $ 0.77 $ 0.72 $ 0.72
Cumulative effect on prior years of change in accounting for inventories.. - - - -
__________ __________ __________ __________
Net income per share................................................ $ 0.77 $ 0.77 $ 0.72 $ 0.72
========== ========== ========== ==========
(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,
____________________________________________________
1997 1996
_______________________ _______________________
Fully Fully
Primary Diluted Primary Diluted
__________ __________ __________ __________
Income before cumulative effect of change in accounting principle............ $ 116.1 $ 116.1 $ 107.7 $ 107.7
Cumulative effect on prior years of change in accounting for inventories..... - - 7.1 7.1
__________ __________ __________ __________
Net income - common stockholders.................................... $ 116.1 $ 116.1 $ 114.8 $ 114.8
========== ========== ========== ==========
Weighted average number of common and common equivalent shares
applicable to each earnings per share calculation:
Weighted average number of shares outstanding............................. 46,114,803 46,114,803 46,173,537 46,173,537
Dilutive effect of stock options.......................................... 1,959,510 1,994,787 2,231,759 2,271,278
__________ __________ __________ __________
48,074,313 48,109,590 48,405,296 48,444,815
========== ========== ========== ==========
Net income per common share (A):
Income before cumulative effect of change in accounting principle......... $ 2.42 $ 2.41 $ 2.22 $ 2.22
Cumulative effect on prior years of change in accounting for inventories.. - - 0.15 0.15
__________ __________ __________ __________
Net income per share................................................ $ 2.42 $ 2.41 $ 2.37 $ 2.37
========== ========== ========== ==========
(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.