1 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, 1997 Three Months Ended ----------------------------- and September 30, 1996 9-30-97 9-30-96 ---------- --------- Net Income $ 5,394 $ 3,768 ========== ========= Shares: Weighted average common shares outstanding 8,801 8,758 Adjustments: (a) Assumed issuance of shares purchased under incentive stock option plan using the treasury stock method 162 35 ---------- --------- Total Common and Common Equivalent Shares 8,963 8,793 ========== ========= Income per Common and Common Equivalent Share $ .60 $ .43 ========== =========