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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
June 30, June 30,
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1997 1996 1997 1996
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Primary earnings per common share
1. Net earnings ...................................... $ 35.8 $ 83.1 $ 62.5 $ 178.5
2. Deduct - Series A Convertible
Preferred dividends ......................... -- (2.4) -- (4.7)
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3. Earnings applicable to common shares .............. $ 35.8 $ 80.7 $ 62.5 $ 173.8
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4. Average primary shares outstanding ................ 55.9 45.7 55.9 45.6
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5. Primary earnings per common share
(line 3 divided by line 4) .................. $ 0.64 $ 1.77 $ 1.12 $ 3.81
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Fully diluted earnings per common share
6. Earnings applicable to common shares .............. $ 35.8 $ 80.7 $ 62.5 $ 173.8
7. Add - Series A Convertible Preferred dividends .... -- 2.4 -- 4.7
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8. Earnings applicable to common shares .............. $ 35.8 $ 83.1 $ 62.5 $ 178.5
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9. Average fully diluted shares outstanding .......... 56.0 55.3 55.9 55.2
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10. Fully diluted earnings per common share
(line 8 divided by line 9) .................. $ 0.64 $ 1.50 $ 1.12 $ 3.23
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