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, ------------------ -------------------- 1997 1996 1997 1996 ------ ------ ------ ------ Primary earnings (loss) per common share 1. Net earnings (loss) ................................ $(76.0) $ 52.4 $(13.5) $230.9 2. Deduct - Series A Convertible Preferred dividends........................... -- (2.3) -- (7.0) ------ ------ ------ ------ 3. Earnings (loss) applicable to common shares ........ $(76.0) $ 50.1 $(13.5) $223.9 ====== ====== ====== ====== 4. Average primary shares outstanding ................. 55.1 45.6 55.0 45.6 ====== ====== ====== ====== 5. Primary earnings (loss) per common share (line 3 divided by line 4).................... $(1.38) $ 1.10 $(0.25) $ 4.91 ====== ====== ====== ====== Fully diluted earnings (loss) per common share 6. Earnings (loss) applicable to common shares......... $(76.0) $ 50.1 $(13.5) $223.9 7. Add - Series A Convertible Preferred dividends -- 2.3 -- 7.0 ------ ------ ------ ------ 8. Earnings (loss) applicable to common shares......... $(76.0) $ 52.4 $(13.5) $230.9 ====== ====== ====== ====== 9. Average fully diluted shares outstanding ........... 55.1 55.2 55.0 55.2 ====== ====== ====== ====== 10. Fully diluted earnings (loss) per common share (line 8 divided by line 9).................... $(1.38) $ 0.95 $(0.25) $ 4.18 ====== ====== ====== ======