EXHIBIT 11
KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE
(In millions of dollars, except per share amounts)
Year Ended December 31,
---------------------------
1995 1994 1993
------- ------- -------
Primary:
Earnings:
Income (loss) before extraordinary loss and cumulative effect of changes
in accounting principles $ 60.3 $(101.4) $(123.1)
Dividends on preferred stock:
Series A Shares (9.1) (12.6) (6.3)
PRIDES (8.5) (7.5)
------- ------- -------
Income (loss) available to common shareholders before extraordinary loss 42.7 (121.5) (129.4)
Extraordinary loss - net (5.4) (21.8)
Cumulative effect of changes in accounting principles - net (507.3)
------- ------- -------
Net income (loss) available to common shareholders $ 42.7 $(126.9) $(658.5)
======= ======= =======
Shares (000):
Weighted average common shares outstanding 58,267 58,139 57,423
Weighted average shares arising from redemption of Series A Shares 3,705
Weighted average shares arising from conversion of PRIDES 29
Assuming exercise of nonqualified stock options 263
------- ------- -------
Weighted average common and common equivalent shares 62,264 58,139 57,423
======= ======= =======
Primary earnings (loss) per common and common equivalent share:
Income (loss) before extraordinary loss and cumulative effect of changes
in accounting principles $ .69 $ (2.09) $ (2.25)
Extraordinary loss (.09) (.38)
Cumulative effect of changes in accounting principles - net (8.84)
------- ------- -------
Net income (loss) $ .69 $ (2.18) $(11.47)
======= ======= =======
Fully diluted:(1)
Earnings:
Income before extraordinary loss $ 60.3
Dividends on PRIDES (8.5)
-------
Net income available to common and common equivalent shareholders $ 51.8
=======
Shares (000):
Weighted average common shares outstanding 58,267
Additional shares arising from redemption of Series A Shares 13,127
Additional shares arising from conversion of PRIDES 151
Assuming exercise of nonqualified stock options 264
-------
Weighted average common and common equivalent shares 71,809
=======
Fully diluted earnings per common and common equivalent share $ .72
=======
(1) As a result of the redemption of the Series A Shares and
conversion of 181,700 shares of PRIDES during the 1995 period,
fully diluted earnings per share are presented for such period,
even though the result is antidilutive. For the 1994 and 1993
periods, common equivalent shares attributable to the preferred
stock and non-qualified stock options were excluded from the
calculation of weighted average shares because they were
antidilutive.