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Exhibit 11
CORE MATERIALS CORPORATION
COMPUTATION OF EARNINGS PER SHARE
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THREE MONTHS ENDED SIX MONTHS ENDED
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JUNE 30, 1997 JUNE 30, 1997
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PRIMARY:
Weighted Average
Common Shares Outstanding 9,565,115 9,529,900
Common Equivalent Shares - Stock Options 183,544(1) 185,813(1)
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Common Shares and Common
Equivalent Shares Outstanding 9,748,659 9,715,713
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NET INCOME $ 766,235 $1,370,547
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NET INCOME PER SHARE $ .08 $ .14
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FULLY DILUTED:
Weighted Average
Common Shares Outstanding 9,565,115 9,529,900
Common Equivalent Shares - Stock Options 247,693(1) 224,881(1)
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Common Shares and Common
Equivalent Shares Outstanding 9,812,808 9,754,781
========== ==========
NET INCOME $ 766,235 $1,370,547
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NET INCOME PER SHARE $ .08 $ .14
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<FN>
(1) Calculated under the Treasury Stock Method using the average price or
period-end market price of Core Materials stock, as applicable.
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