EXHIBIT 11


                       W. R. GRACE & CO. AND SUBSIDIARIES
        WEIGHTED AVERAGE NUMBER OF SHARES AND EARNINGS USED IN PER SHARE
                                  COMPUTATIONS
               For the three months ended March 31, 1996 and 1997
                    (Dollars in millions, except per share)




                                                         1997            1996
                                                     -----------    ------------
PRIMARY:

                                                                       
Weighted average shares outstanding................   75,250,000      97,888,000

Dilutive effect (as determined by the application
   of the treasury stock method)...................    2,435,000       1,793,000
                                                     -----------    ------------
Weighted average number of shares outstanding - 
  primary .........................................   77,685,000      99,681,000
                                                     ===========    ============
Net income.........................................  $     46.4     $       63.6

Net income per share - primary.....................  $      .60     $        .64

FULLY DILUTED:

Weighted average shares outstanding................   75,250,000      97,888,000


Dilutive effect (as determined by the application
   of the treasury stock method)...................    2,443,000       2,166,000
                                                     -----------    ------------

Weighted average number of shares outstanding -
  fully diluted ...................................   77,693,000     100,054,000
                                                     ===========    ============
Net income.........................................  $      46.4    $       63.6

Net income per share - fully diluted...............  $       .60    $        .63