1 EXHIBIT 11.01 ALUMAX INC. CALCULATION OF EARNINGS PER COMMON SHARE (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) YEAR ENDED YEAR ENDED YEAR ENDED DECEMBER 31, 1997 DECEMBER 31, 1996 DECEMBER 31, 1995 ----------------- ----------------- ----------------- Basic Earnings per common share: 1. Net earnings............................ $ 33.7 $ 250.0 $ 237.4 2. Deduct -- Series A Convertible Preferred Dividends............................... (9.3) (9.3) ------- ------- ------- 3. Earnings applicable to common shares.... $ 33.7 $ 240.7 $ 228.1 ======= ======= ======= 4. Average common shares outstanding (in thousands).......................... 54,735 45,731 44,637 ======= ======= ======= 5. Basic earnings per common share (line 3 divided by line 4).............. $ 0.62 $ 5.26 $ 5.11 ======= ======= ======= Diluted earnings per common share: 6. Earnings applicable to common shares.... $ 33.7 $ 240.7 $ 228.1 7. Add -- Series A Convertible Preferred Dividends............................... 9.3 9.3 ------- ------- ------- 8. Net earnings............................ $ 33.7 $ 250.0 $ 237.4 ======= ======= ======= 9. Average diluted shares outstanding (in thousands).............................. 55,721 55,211 54,761 ======= ======= ======= 10. Diluted earnings per common share (line 8 divided by line 9).............. $ 0.60 $ 4.53 $ 4.34 ======= ======= =======