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EXHIBIT 11.1
TITANIUM METALS CORPORATION
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
(In thousands, except per share amounts)
EARNINGS PER COMMON SHARE
Years ended December 31,
--------------------------------
1994 1995 1996
-------- -------- --------
Income (loss) before cumulative effect of a
change in accounting principle $(42,077) $ (4,217) $ 47,644
Cumulative effect of a change in accounting principle (1,000) -- --
-------- -------- --------
Net income (loss) $(43,077) $ (4,217) $ 47,644
======== ======== ========
Weighted average shares outstanding (1) 14,916 15,289 27,611
Common stock issued within one year of Stock Offering (2) 94 94 12
-------- -------- --------
Total weighted average shares outstanding 15,010 15,383 27,623
======== ======== ========
Per common share:
Income (loss) before cumulative effect of a
change in accounting principle $ (2.80) $ (.27) $ 1.72
Cumulative effect of a change in accounting principle (.07) -- --
-------- -------- --------
Net income (loss) $ (2.87) $ (.27) $ 1.72
======== ======== ========
FULLY DILUTED EARNINGS PER SHARE
Income (loss) before cumulative effect of a
change in accounting principle $(42,077) $ (4,217) $ 47,644
Cumulative effect of a change in accounting principle (1,000) -- --
Interest and fees on Convertible Preferred Securities, net of tax (3) -- -- 843
-------- -------- --------
Fully diluted income (loss) $(43,077) $ (4,217) $ 48,487
======== ======== ========
Weighted average shares outstanding (1) 14,916 15,289 27,611
Common stock issued within one year of Stock Offering (2) 94 94 12
Common stock options, net -- -- 28
Convertible Preferred Securities (3) -- -- 491
-------- -------- --------
Total fully diluted weighted average shares outstanding 15,010 15,383 28,142
======== ======== ========
Per fully diluted share:
Income (loss) before cumulative effect of a
change in accounting principle $ (2.80) $ (.27) $ 1.72
Cumulative effect of a change in accounting principle (.07) -- --
-------- -------- --------
Net income (loss) $ (2.87) $ (.27) $ 1.72
======== ======== ========
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(1) Reflects the 52-for-1 stock split effected in 1996.
(2) Certain key executive officers received an aggregate of 94,000 shares
effective February 15, 1996 as partial consideration for their services
in connection with the IMI Titanium Acquisition.
(3) The Convertible Preferred Securities were issued in November 1996. See
Note 10 to the Consolidated Financial Statements.