EXHIBIT 11
W. R. GRACE & CO. AND SUBSIDIARIES
WEIGHTED AVERAGE NUMBER OF SHARES AND EARNINGS USED
IN PER SHARE COMPUTATIONS
For the three and nine months ended September 30, 1997 and 1996
(Dollars in millions, except per share; shares in thousands)
3 Mos. Ended 9 Mos. Ended
9/30/97 9/30/96 9/30/97 9/30/96
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EARNINGS PER SHARE:
Weighted average shares outstanding.................. 73,662 91,092 73,885 95,188
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Net income........................................... $ 71.1 $2,519.9 $ 234.9 $2,917.4
Dividends paid on preferred stocks................... - (.1) - (.4)
-------- --------- -------- --------
Income used in per share computation of earnings..... $ 71.1 $ 2,519.8 $ 234.9 $2,917.0
======== ========= ======== ========
Net income per share................................. $ .97 $ 27.66 $ 3.18 $ 30.64
PRIMARY:
Weighted average shares outstanding.................. 73,662 91,092 73,885 95,188
Dilutive effect (as determined by the application
of the treasury stock method)................... 2,377 2,262 2,295 1,978
-------- --------- -------- --------
Weighted average number of shares 76,039 93,354 76,180 97,166
======= ======== ======== ========
outstanding - primary...........................
Net income........................................... $ 71.1 $2,519.9 $ 234.9 $2,917.4
Dividends paid on preferred stocks................... - (.1) - (.4)
-------- --------- -------- ---------
Income used in per share computation of earnings
and in per share computation of earnings
assuming dilutive effect........................ $ 71.1 $ 2,519.8 $ 234.9 $ 2,917.0
======== ========= ======== =========
Net income per share - primary....................... $ .93 $ 26.99 $ 3.08 $ 30.02
FULLY DILUTED:
Weighted average shares outstanding.................. 73,662 91,092 73,885 95,188
Dilutive effect (as determined by the application
of the treasury stock method)................... 2,686 2,826 2,687 2,826
--------- --------- -------- --------
Weighted average number of shares
outstanding - fully diluted..................... 76,348 93,918 76,572 98,014
======== ========= ======== ========
Net income........................................... $ 71.1 $2,519.9 $ 234.9 $2,917.4
Dividends paid on preferred stocks................... - (.1) - (.4)
---------- --------- -------- --------
Income used in per share computation of earnings
and in per share computation of earnings
assuming dilutive effect........................ $ 71.1 $2,519.8 $ 234.9 $2,917.0
======== ======== ======= ========
Net income per share - fully diluted................. $ .93 $ 26.83 $ 3.07 $ 29.76