1 EXHIBIT 11.01 ALUMAX INC. CALCULATION OF EARNINGS PER COMMON SHARE (MILLIONS OF DOLLARS, EXCEPT PER SHARE AMOUNTS) YEAR ENDED YEAR ENDED YEAR ENDED DECEMBER 31, 1996 DECEMBER 31, 1995 DECEMBER 31, 1994 ----------------- ----------------- ----------------- Primary earnings per common share: 1. Net earnings............................. $ 250.0 $ 237.4 $ 46.7 2. Deduct -- Series A Convertible Preferred dividends.............................. (9.3) (9.3) (9.3) ------- ------- ------- 3. Earnings applicable to common shares..... $ 240.7 $ 228.1 $ 37.4 ======= ======= ======= 4. Average primary shares outstanding (in thousands)............................. 46,409 45,200 44,757 5. Primary earnings per common share (line 3 divided by line 4)..................... $ 5.19 $ 5.05 $ 0.84 ======= ======= ======= Fully diluted earnings per common share: 6. Earnings applicable to common shares..... $ 240.7 $ 228.1 $ 37.4 7. Add -- Series A Convertible Preferred dividends.............................. 9.3 9.3 9.3 ------- ------- ------- 8. Earnings applicable to common shares..... $ 250.0 $ 237.4 $ 46.7 ======= ======= ======= 9. Average fully diluted shares outstanding (in thousands)......................... 55,251 54,846 54,440 10. Fully diluted earnings per common share (line 8 divided by line 9)............. $ 4.53 $ 4.33 $ 0.84(A) ======= ======= ======= - --------------- (A) Antidilutive, therefore the same as primary.