1
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
----------------------------------------
1994 1993 1992
------ ------ ------
Average shares outstanding
for computation of primary
earnings per share 65,737 67,706 68,966
Add adjustment to treat
shares for options exercised
as if such shares were out-
standing during the entire
year 183 257 234
Add equivalent shares for
unexercised options at end
of year (B) 473 550 626
------ ------ ------
Average shares outstanding
for computation of fully
diluted earnings per share 66,393 68,513 69,826
====== ====== ======
Primary earnings per share $2.67 $ .67 $1.81
===== ===== =====
Fully diluted earnings per
share (C) $2.64 $ .67 $1.79
===== ===== =====
<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%.