1 EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE CHAPARRAL STEEL COMPANY AND SUBSIDIARIES Three months ended August 31, 1994 1993 ---- ---- (In thousands except per share) AVERAGE SHARES OUTSTANDING Primary: Average shares outstanding 29,680 29,679 Stock options - treasury stock method using average market prices 32 A) - -------- --------- TOTALS 29,712 29,679 ======== ========= Fully diluted: Average shares outstanding 29,680 29,679 Stock options - treasury stock method using end of quarter market price if higher than average 32 A) - -------- --------- TOTALS 29,712 29,679 ======== ========= INCOME (LOSS) APPLICABLE TO COMMON STOCK Primary and fully diluted: Net income (loss) $ 1,753 $ (874) Add: Pre-September 1990 contingent price amortization 58 58 -------- --------- $ 1,811 $ (816) ======== ========= PER SHARE Net income (loss) per common share: Primary $ .06 $ (.03) ======== ========= Fully diluted $ .06 $ (.03) ======== ========= A) - Shares have been excluded as they are antidilutive. 12