EXHIBIT 11
TO CYPRUS AMAX MINERALS COMPANY'S
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 1994
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EXHIBIT 11
CYPRUS AMAX MINERALS COMPANY & SUBSIDIARIES
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Computation of Per Share Earnings
(In millions except per share data)
Three Months Nine Months
Ended September 30, Ended September 30,
---------------------- -----------------------
1994 1993 1994 1993
------ ------ ------ ------
Net Income $ 48 $ 14 $ 108 $ 108
Preferred Stock Dividends (4) - (14) -
----- ----- ----- -----
Income Applicable to Common Shares $ 44 $ 14 $ 94 $ 108
===== ===== ===== =====
Average Common Shares Outstanding 92.5 47.3 92.4 47.3
Common Stock Equivalents - Options .5 .1 .5 .3
----- ----- ----- -----
Weighted Average Primary Shares Outstanding 93.0 47.4 92.9 47.6
Conversion of Series A Preferred Stock 9.6 - 9.6 -
----- ----- ----- -----
Fully Diluted Average Common
Shares Outstanding 102.6 47.4 102.5 47.6
===== ===== ===== =====
Earnings per Common Share/(1)/ $ .47 $ .30 $1.01 $2.28
Fully Diluted Earnings per Share $ .47 $ .30 $1.05/(2)/ $2.27/(2)/
/(1)/ Earnings per common share was calculated using average common shares
outstanding because common stock equivalents were less than three percent
dilutive.
/(2)/ Fully diluted earnings per share was anti-dilutive in 1994 and was less
than three percent different from earnings per common share in 1993 and,
accordingly, has not been presented on the consolidated statement of
operations.
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