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EXHIBIT 11.01
ALUMAX INC.
CALCULATION OF EARNINGS PER COMMON SHARE
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended Six Months Ended
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June 30, June 30,
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1996 1995 1996 1995
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Primary earnings per common share
1. Net earnings . . . . . . . . . . . . . . . . . . $ 83.1 $ 39.2 $ 178.5 $ 149.6
2. Deduct - Series A Convertible
Preferred dividends . . . . . . . . . . . . (2.4) (2.4) (4.7) (4.7)
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3. Earnings applicable to common shares . . . . . . $ 80.7 $ 36.8 $ 173.8 $ 144.9
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4. Average primary shares outstanding . . . . . . . 45.7 45.1 45.6 45.0
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5. Primary earnings per common share
(line 3 divided by line 4) . . . . . . . . . $ 1.77 $ .82 $ 3.81 $ 3.22
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Fully diluted earnings per common share
6. Earnings applicable to common shares . . . . . . $ 80.7 $ 36.8 $ 173.8 $ 144.9
7. Add - Series A Convertible Preferred dividends . . (2.4) (2.4) (4.7) (4.7)
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8. Earnings applicable to common shares . . . . . . $ 83.1 $ 39.2 $ 178.5 $ 149.6
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9. Average fully diluted shares outstanding . . . . 55.3 54.9 55.2 54.8
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10. Fully diluted earnings per common share
(line 8 divided by line 9) . . . . . . . . . $ 1.50 $ .71 $ 3.23 $ 2.73
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