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