MILLENNIUM CHEMICALS INC. EXHIBIT 11.1
COMPUTATION OF PER SHARE EARNINGS
BASIC WEIGHTED AVERAGE # SHARES
----------- --------------------------
YEAR
SHARES QUARTER TO DATE
------------ --------------------------
Shares of common stock outstanding
at December 31, 1998 75,170,692 75,170,692 75,170,692
Shares repurchased:
January (82,800) (82,800) (82,800)
February (1,240,300) (1,240,300) (1,102,489)
March (1,449,500) (1,449,500) (1,127,389)
April (639,000) (639,000) (426,000)
May (2,125,100) (2,125,100) (1,180,611)
June (1,651,100) (1,651,100) (733,822)
July (435,200) (435,200) (145,067)
August (1,270,600) (847,067) (282,356)
Shares issued:
April 6,000 6,000 4,000
June 3,000 3,000 1,333
August 8,960 5,973 1,991
------------ ------------ ------------
Shares of common stock outstanding
at September 30, 1999 66,295,052 66,715,598 70,097,482
============ ============ ============
Income from continuing operations 38,000,000 64,000,000
------------ ------------
Weighted averages shares outstanding 66,715,598 70,097,482
Basic earnings per share 0.57 0.91
Income from continuing operations 45,000,000 102,000,000
------------ ------------
Weighted averages shares outstanding 66,715,598 70,097,482
Basic earnings per share 0.68 1.46
Shares of common stock outstanding
at December 31, 1999 66,508,567 66,508,567 66,508,567
Shares repurchased:
March (1,382,300) (1,382,300) (1,075,122)
April (100,000) (100,000) (66,667)
May (853,000) (853,000) (473,889)
June (1,164,700) (1,164,700) (517,644)
Shares issued:
January 10,594 10,594 10,594
February 220,378 220,378 195,892
May 5,000 5,000 2,778
------------ ------------ ------------
Shares of common stock outstanding
at September 30, 2000 63,244,539 63,244,539 64,584,509
============ ============ ============
Income from continuing operations 35,218,000 108,197,000
------------ ------------
Weighted averages shares outstanding 63,244,539 64,584,509
Basic earnings per share 0.56 1.68
Income from continuing operations 35,218,000 108,197,000
------------ ------------
Weighted averages shares outstanding 63,244,539 64,584,509
Basic earnings per share 0.56 1.68
<PAGE>
MILLENNIUM CHEMICALS INC. EXHIBIT 11.1
COMPUTATION OF PER SHARE EARNINGS
DILUTED WEIGHTED AVERAGE # SHARES
----------- --------------------------
YEAR
SHARES QUARTER TO DATE
------------ --------------------------
Shares of common stock outstanding
at December 31, 1998 75,170,692 75,170,692 75,170,692
Shares repurchased:
January (82,800) (82,800) (82,800)
February (1,240,300) (1,240,300) (1,102,489)
March (1,449,500) (1,449,500) (1,127,389)
April (639,000) (639,000) (426,000)
May (2,125,100) (2,125,100) (1,180,611)
June (1,651,100) (1,651,100) (733,822)
July (435,200) (435,200) (145,067)
August (1,270,600) (847,067) (282,356)
Shares issued:
April 6,000 6,000 4,000
June 3,000 3,000 1,333
August 8,960 5,973 1,991
Options 547,000 52,875 48,125
Time vested restricted stock 605,368 469,406 467,490
Performance based restricted stock 1,816,104 212,774 211,952
------------ ------------ -----------
Shares of common stock outstanding
at September 30, 1999 69,263,524 67,450,653 70,825,049
============ ============ ============
Income from continuing operations 38,000,000 64,000,000
------------ ------------
Weighted averages shares outstanding 67,450,653 70,825,049
Diluted earnings per share 0.56 0.90
Income from continuing operations 45,000,000 102,000,000
------------ ------------
Weighted averages shares outstanding 67,450,653 70,825,049
Diluted earnings per share 0.67 1.44
Shares of common stock outstanding
at December 31, 1999 66,508,567 66,508,567 66,508,567
Shares repurchased:
March (1,382,300) (1,382,300) (1,075,122)
April (100,000) (100,000) (66,667)
May (853,000) (853,000) (473,889)
June (1,164,700) (1,164,700) (517,644)
Shares issued:
January 10,594 10,594 10,594
February 220,378 220,378 195,892
May 5,000 5,000 2,778
Options 592,000 - -
Time vested restricted stock 608,624 496,233 506,984
Performance based restricted stock 241,542 122,893 134,242
----------- ------------ -----------
Shares of common stock outstanding
at September 30, 2000 64,686,705 63,863,665 65,225,735
============ ============ ===========
Income from continuing operations 35,218,000 108,197,000
------------ ------------
Weighted averages shares outstanding 63,863,665 65,225,735
Diluted earnings per share 0.55 1.66
Income from continuing operations 35,218,000 108,197,000
------------ ------------
Weighted averages shares outstanding 63,863,665 65,225,735
Diluted earnings per share 0.55 1.66
