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                                   EXHIBIT 11


                        COMPUTATION OF INCOME PER COMMON
                          AND COMMON EQUIVALENT SHARE
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                                  EXHIBIT (11)


                      Elcor Corporation and Subsidiaries
         Computation of Income Per Common and Common Equivalent Share


(In thousands, except per share amounts)


                                                                 
1.       Three Months Ended September 30, 1996                       Three Months Ended
                                                                     ------------------
          and September 30, 1995                                     9-30-96    9-30-95
                                                                     ------------------

                 Net Income                                          $ 3,768    $ 3,663
                                                                     =======    =======

         Shares:
           Weighted average common shares
             outstanding                                               8,758      8,723

         Adjustments:
           (a)   Assumed issuance of shares purchased
                 under incentive stock option plan using
                 the treasury stock method                                35        120
                                                                     -------    -------

         Total Common and Common Equivalent Shares                     8,793      8,843
                                                                     =======    =======

         Income per Common and Common Equivalent Share               $   .43    $   .41
                                                                     =======    =======