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EXHIBIT 11
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
CHAPARRAL STEEL COMPANY
Year Ended May 31,
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1996 1995 1994
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(In thousands except per share)
AVERAGE SHARES OUTSTANDING:
For 1996, 1995 and 1994, weighted average shares
outstanding ................................. 29,278 29,680 29,680
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Primary:
Average shares outstanding ..................... 29,278 29,680 29,680
Stock options and other equivalents
treasury stock method ....................... 265 42 41
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TOTALS 29,543 29,722 29,721
Fully diluted:
Average shares outstanding ..................... 29,278 29,680 29,680
Stock options and other equivalents
treasury stock method ....................... 287 42 49
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TOTALS 29,565 29,722 29,729
INCOME APPLICABLE TO COMMON STOCK:
Primary and fully diluted:
NET INCOME .................................. $41,977 $19,607 $11,919
Add:
Pre-September 1990 contingent
amortization ....................... 233 233 233
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NET INCOME APPLICABLE TO COMMON STOCK ............. $42,210 $19,840 $12,152
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PRIMARY AND FULLY DILUTED:
NET INCOME PER COMMON SHARE ....................... $ 1.43 $ .67 $ .41
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