Exhibit 11 ---------- Commonwealth Industries, Inc. Computation of Net Income Per Share (in thousands except per share data) 1997 1996 1995 ---- ---- ---- Income (numerator) amounts used for basic and diluted per share computations: Income before extraordinary loss $ 9,122 $ 14,756 $ 33,787 Extraordinary loss (1,181) (1,355) - ---------------------------------- Net income $ 7,941 $ 13,401 $ 33,787 ================================== Shares (denominator) used for basic per share computations: Weighted average shares of common stock outstanding 11,687 10,197 10,191 ================================== Shares (denominator) used for diluted per share computations: Weighted average shares of common stock outstanding 11,687 10,197 10,191 Plus: dilutive effect of stock options 36 6 8 ---------------------------------- Adjusted weighted average shares 11,723 10,203 10,199 ================================== Net income per share data: Basic Income before extraordinary loss $ 0.78 $ 1.45 $ 3.32 Extraordinary loss (0.10) (0.13) - ---------------------------------- Net income $ 0.68 $ 1.32 $ 3.32 ================================== Diluted Income before extraordinary loss $ 0.78 $ 1.45 $ 3.31 Extraordinary loss (0.10) (0.13) - ---------------------------------- Net income $ 0.68 $ 1.32 $ 3.31 ==================================