1 EXHIBIT 11.01 ALUMAX INC. CALCULATION OF EARNINGS PER COMMON SHARE (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) Three Months Ended -------------------------------- March 31, -------------------------------- 1997 1996 ---- ---- Primary earnings per common share 1. Net earnings . . . . . . . . . . . . . . . . . . . . . . . . $ 26.7 $ 95.4 2. Deduct - Series A Convertible Preferred dividends . . . . . . . . . . . . . . . . . . . - (2.3) -------- ------ 3. Earnings applicable to common shares . . . . . . . . . . . . $ 26.7 $ 93.1 ======== ====== 4. Average primary shares outstanding . . . . . . . . . . . . . 55.8 45.5 ======== ====== 5. Primary earnings per common share (line 3 divided by line 4) . . . . . . . . . . . . . . . $ 0.48 $ 2.04 ======== ====== Fully diluted earnings per common share 6. Earnings applicable to common shares . . . . . . . . . . . . $ 26.7 $ 93.1 7. Add - Series A Convertible Preferred dividends . . . . . . . - (2.3) -------- ------- 8. Earnings applicable to common shares . . . . . . . . . . . . $ 26.7 $ 95.4 ======== ====== 9. Average fully diluted shares outstanding . . . . . . . . . . 55.8 55.2 ======== ====== 10. Fully diluted earnings per common share (line 8 divided by line 9) . . . . . . . . . . . . . . . $ 0.48 $ 1.73 ======== ====== -19-