1
EXHIBIT 11
GenCorp Inc.
Computation of Earnings Per Common Share
Unaudited Unaudited
Three Months Ended Six Months Ended
---------------------------------------------------------------------
May 31, May 31, May 31, May 31,
1994 1993 1994 1993
-------- ------- ------- -------
Earnings (Dollars in Millions)
- - --------
Income Before Cumulative Effect
of Accounting Changes $14.2 $17.8 $ 11.0 $23.9
Cumulative Effect of Accounting Changes - - (212.7) -
------ ------ -------- ------
Net Income (Loss) for Primary Earnings
Per Share 14.2 17.8 (201.7) 23.9
Tax Affected Interest Expense
Applicable to 8% Convertible
Subordinated Debentures 1.4 1.4 2.8 2.8
------ ------ ---------- ------
Net Income (Loss) for Fully Diluted
Earnings Per Share $15.6 $19.2 $(198.9) $26.7
===== ===== ======= =====
Shares (In Thousands)
- - ------
Weighted Average Number of Common
Shares Outstanding for Primary
Earnings Per Share 31,730 31,730 31,730 31,729
Assuming Conversion of 8% Convertible
Subordinated Debentures 7,159 7,158 7,159 7,159
------- ------- ------- -------
Weighted Average Number of Common
Shares Outstanding for Fully Diluted
Earnings Per Share 38,889 38,888 38,889 38,888
====== ======= ====== ======
Earnings Per Share
- - -------- --- -----
Income Before Cumulative Effect
of Accounting Changes $ .45 $ .56 $ .35 $ .75
Cumulative Effect of Accounting Changes - - (6.71) -
------ ------ ------- ------
Net Income (Loss) for Primary Earnings
Per Share $ .45 $ .56 $ (6.36) $ .75
====== ====== ======== ======
Fully Diluted Earnings Per Share $ .40 $ .49 $ (6.36) $ .68
====== ====== ======== ======