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<PAGE> 1
EXHIBIT 11
SOUTHDOWN, INC. AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
(In millions, except per share amounts - Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------------- --------------------------
2000 1999 2000 1999
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Earnings for basic and diluted earnings per share:
Earnings from continuing operations $ 58.4 $ 67.4 $ 153.8 $ 158.4
Loss from discontinued operations, net of taxes -- -- -- (1.0)
-------- -------- -------- --------
Net earnings for basic and diluted earnings per share $ 58.4 $ 67.4 $ 153.8 $ 157.4
======== ======== ======== ========
Weighted average outstanding common shares for
basic earnings per share 35.9 37.4 35.9 38.1
Dilutive effect from assumed exercise of stock options 0.5 0.4 0.5 0.4
-------- -------- -------- --------
Total outstanding shares for diluted earnings per share 36.4 37.8 36.4 38.5
======== ======== ======== ========
Earnings (loss) per common share:
Basic
Earnings from continuing operations $ 1.62 $ 1.80 $ 4.28 $ 4.16
Loss from discontinued operations, net of taxes -- -- -- (0.03)
-------- -------- -------- --------
$ 1.62 $ 1.80 $ 4.28 $ 4.13
======== ======== ======== ========
Diluted
Earnings from continuing operations $ 1.60 $ 1.78 $ 4.23 $ 4.12
Loss from discontinued operations, net of taxes -- -- -- (0.03)
-------- -------- -------- --------
$ 1.60 $ 1.78 $ 4.23 $ 4.09
======== ======== ======== ========
</TABLE>
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