EXHIBIT 11.1
MILLENNIUM CHEMICALS INC.
COMPUTATION OF PER SHARE EARNINGS
WEIGHTED
AVERAGE
OF
SHARES SHARES
OUTSTANDING OUTSTANDING
--------------- ----------
BASIC
Shares of Common Stock outstanding at December 31, 1995....................... 74,412,283 74,412,283
--------------- ----------
Shares of Common Stock outstanding at December 31, 1996....................... 74,412,283 74,412,283
Issued December 1, 1997.................................................. 627,267 52,272
Issued October 1, 1997................................................... 4,092 1,023
Issued August , 1997................................................... 56,006 18,669
--------------- ----------
Shares of Common Stock and Common Stock Equivalents at December 31, 1997...... 75,099,648 74,484,247
--------------- ----------
Computation of Basic Earnings Per Share
Year ended December 31, 1995:
Income from continuing operations........................................ $ 331,000,000
---------------
Weighted average shares outstanding...................................... 74,412,283
Basic earnings per share................................................. $4.45
Income from discontinued operation....................................... $ 18,000,000
---------------
Weighted average shares outstanding...................................... 74,412,283
Basic earnings per share................................................. $0.24
Net income............................................................... $ 349,000,000
---------------
Weighted average shares outstanding...................................... 74,412,283
Basic earnings per share................................................. $4.69
Year ended December 31, 1996:
Income from continuing operations........................................ $ 141,000,000
---------------
Weighted average shares outstanding...................................... 74,412,283
Basic earnings per share................................................. $1.89
Loss from discontinued operations........................................ $(2,842,000,000)
---------------
Weighted average shares outstanding...................................... 74,412,283
Basic earnings per share................................................. $(38.19)
Net loss................................................................. $(2,701,000,000)
---------------
Weighted average shares outstanding...................................... 74,412,283
Basic earnings per share................................................. $(36.30)
Pro forma income from continuing operations.............................. $ 168,000,000
---------------
Weighted average shares outstanding...................................... 74,412,283
Basic earnings per share................................................. $2.26
Year ended December 31, 1997:
Net income............................................................... $ 184,627,000
---------------
Weighted average shares outstanding...................................... 74,484,247
Basic earnings per share................................................. $2.48
WEIGHTED
AVERAGE
OF
SHARES SHARES
OUTSTANDING OUTSTANDING
--------------- ----------
DILUTED
Shares of Common Stock outstanding at December 31, 1995....................... 74,412,283 74,412,283
--------------- ----------
Shares of Common Stock outstanding at December 31, 1996....................... 74,412,283 74,412,283
Issued December 1, 1997.................................................. 627,267 52,272
Issued October 1, 1997................................................... 4,092 1,023
Issued August, 1997...................................................... 56,006 18,669
Options.................................................................. 31,846
Time-vested restricted stock............................................. 130,000
--------------- ----------
Shares of Common Stock and Common Stock Equivalents at December 31, 1997...... 75,099,648 74,646,093
--------------- ----------
Computation of Diluted Earnings per Share
Year ended December 31, 1995:
Net income............................................................... $ 349,000,000
---------------
Weighted average shares outstanding...................................... 74,412,283
Diluted earnings per share............................................... $4.69
Year ended December 31, 1996:
Net loss................................................................. $(2,701,000,000)
---------------
Weighted average shares outstanding...................................... 74,412,283
Diluted earnings per share............................................... $(36.30)
Year ended December 31, 1997:
Net income............................................................... $ 184,627,000
---------------
Weighted average shares outstanding...................................... 74,646,093
Diluted earnings per share............................................... $2.47