1 EXHIBIT 11.1 CENTURY ALUMINUM COMPANY STATEMENT RE: CALCULATION OF EARNINGS (LOSS) PER COMMON SHARE AND COMMON SHARE EQUIVALENT (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) YEAR ENDED DECEMBER 31, ----------------------------------- 1996 1995 1994 ------- ------- ------- Primary: Net Income (loss)....................................... $16,504 $59,280 $ (108) Weighted average common shares and common share equivalents outstanding.............................. 20,857 23,120 23,120 ------- ------- ------- Earnings (loss) per common share and common share equivalent........................................... $ 0.79 $ 2.56 -- ======= ======= ======= Fully Diluted: Net Income (loss)....................................... $16,504 $59,280 $ (108) Weighted average common shares and common share equivalents outstanding.............................. 20,877 23,120 23,120 ------- ------- ------- Earnings (loss) per common share and common share equivalent........................................... $ 0.79 $ 2.56 -- ======= ======= ======= 56