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EXHIBIT 11
THE LUBRIZOL CORPORATION
Computation of Per Share Earnings (Note A)
(In Thousands, Except Per Share Data)
The computation of primary earnings per share and fully diluted earnings per
share is as follows:
For the Year Ended December 31
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1993 1992 1991
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Average shares outstanding
for computation of primary
earnings per share 67,706 68,966 69,260
Add adjustment to treat
shares for options exercised
as if such shares were out-
standing during the entire
year 257 234 124
Add equivalent shares for
unexercised options at end
of year (B) 550 626 587
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Average shares outstanding
for computation of fully
diluted earnings per share 68,513 69,826 69,971
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Primary earnings per share $ .67 $ 1.81 $ 1.79
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Fully diluted earnings per
share (C) $ .67 $ 1.79 $ 1.77
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<FN>
NOTES: (A) Share and per share data have been restated to reflect 2-for-1
stock split effected on August 31, 1992.
(B) Computed under the "Treasury Stock Method" using the higher of
quoted ending or average market price.
(C) Fully diluted earnings per share have not been presented in the
consolidated statements of income because the dilutive effect is
less than 3%.