1 EXHIBIT 11.01 ALUMAX INC. CALCULATION OF EARNINGS PER COMMON SHARE (In Millions, Except Per Share Amounts) Three Months Ended Nine Months Ended September 30, September 30, ------------------ ----------------- 1996 1995 1996 1995 ---- ---- ---- ---- Primary earnings per common share 1. Net earnings ....................................... $52.4 $43.0 $230.9 $192.6 2. Deduct -- Series A Convertible Preferred dividends .............................. (2.3) (2.3) (7.0) (7.0) ----- ----- ------ ------ 3. Earnings applicable to common shares ............... $50.1 $40.7 $223.9 $185.6 ===== ===== ====== ====== 4. Average primary shares outstanding ................. 45.6 45.4 45.6 45.2 ===== ===== ====== ====== 5. Primary earnings per common share (line 3 divided by line 4) ....................... $1.10 $ .90 $ 4.91 $ 4.11 ===== ===== ====== ====== Fully diluted earnings per common share 6. Earnings applicable to common shares ............... $50.1 $40.7 $223.9 $185.6 7. Add -- Series A Convertible Preferred dividends .... (2.3) (2.3) (7.0) (7.0) ----- ----- ------ ------ 8. Earnings applicable to common shares ............... $52.4 $43.0 $230.9 $192.6 ===== ===== ====== ====== 9. Average fully diluted shares outstanding ........... 55.2 55.0 55.2 54.8 ===== ===== ====== ====== 10. Fully diluted earnings per common share (line 8 divided by line 9) ....................... $0.95 $ .78 $ 4.18 $ 3.51 ===== ===== ====== ======