EXHIBIT 11
W. R. GRACE & CO. AND SUBSIDIARIES
WEIGHTED AVERAGE NUMBER OF SHARES AND EARNINGS USED
IN PER SHARE COMPUTATIONS
For the three and six months ended June 30, 1997 and 1996
(Dollars in millions, except per share; shares in thousands)
3 Mos. Ended 6 Mos. Ended
6/30/97 6/30/96 6/30/97 6/30/96
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EARNINGS PER SHARE:
Weighted average shares outstanding ............. 72,761 96,634 73,999 97,259
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Net income ...................................... $ 117.4 $ 333.9 $ 163.8 $ 397.5
Dividends paid on preferred stocks .............. -- (.2) -- (.3)
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Income used in per share computation of earnings $ 117.4 $ 333.7 $ 163.8 $ 397.2
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Net income per share ............................ $ 1.61 $ 3.45 $ 2.21 $ 4.09
PRIMARY:
Weighted average shares outstanding ............. 72,761 96,634 73,999 97,259
Dilutive effect (as determined by the application
of the treasury stock method) .............. 2,072 1,878 2,253 2,022
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Weighted average number of shares
outstanding - primary ...................... 74,833 98,512 76,252 99,281
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Net income ...................................... $ 117.4 $ 333.9 $ 163.8 $ 397.5
Dividends paid on preferred stocks .............. -- (.2) -- (.3)
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Income used in per share computation of earnings
and in per share computation of earnings
assuming dilutive effect ................... $ 117.4 $ 333.7 $ 163.8 $ 397.2
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Net income per share - primary .................. $ 1.57 $ 3.39 $ 2.15 $ 4.00
FULLY DILUTED:
Weighted average shares outstanding ............. 72,761 96,634 73,999 97,259
Dilutive effect (as determined by the application
of the treasury stock method) .............. 2,272 1,878 2,357 2,022
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Weighted average number of shares
outstanding - fully diluted ................ 75,033 98,512 76,356 99,281
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Net income ...................................... $ 117.4 $ 333.9 $ 163.8 $ 397.5
Dividends paid on preferred stocks .............. -- (.2) -- (.3)
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Income used in per share computation of earnings
and in per share computation of earnings
assuming dilutive effect ................... $ 117.4 $ 333.7 $ 163.8 $ 397.2
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Net income per share - fully diluted ............ $ 1.56 $ 3.39 $ 2.15 $ 4.00