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EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
CHAPARRAL STEEL COMPANY AND SUBSIDIARIES
Three months ended Nine months ended
February 28, February 28,
1994 1993 1994 1993
---- ---- ---- ----
(In thousands except per share)
AVERAGE SHARES OUTSTANDING
Primary:
Average shares outstanding 29,680 29,675 29,680 29,675
Stock options - treasury stock method
using average market prices 53 69 39 A) -
--------- --------- -------- ---------
TOTALS 29,733 29,744 29,719 29,675
========= ========= ======== =========
Fully diluted:
Average shares outstanding 29,680 29,675 29,680 29,675
Stock options - treasury stock method
using end of quarter market
price if higher than average 68 114 46 A) -
--------- --------- -------- ---------
TOTALS 29,748 29,789 29,726 29,675
========= ========= ======== =========
INCOME (LOSS) APPLICABLE
TO COMMON STOCK
Primary and fully diluted:
Net income (loss) $ 4,408 $ 590 $ 7,957 $ (1,052)
Add:
Pre-September 1990 contingent
price amortization 58 58 174 174
--------- --------- -------- ---------
$ 4,466 $ 648 $ 8,131 $ (878)
========= ========= ======== =========
PER SHARE
Net income (loss) per common share:
Primary $ .15 $ .02 $ .27 $ (.03)
========= ========= ======== =========
Fully diluted $ .15 $ .02 $ .27 $ (.03)
========= ========= ======== =========
A) - Shares have been excluded as they are antidilutive.
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