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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 Six Months Ended
June 30, June 30,
------------------ -----------------
2000 1999 2000 1999
------ ------ ------ ------
<S> <C> <C> <C> <C>
Earnings for basic and diluted earnings per share:
Earnings from continuing operations $ 61.4 $ 61.5 $ 95.4 $ 91.0
Loss from discontinued operations, net of taxes -- (1.0) -- (1.0)
------ ------ ------ ------
Net earnings for basic and diluted earnings per share $ 61.4 $ 60.5 $ 95.4 $ 90.0
====== ====== ====== ======
Weighted average outstanding common shares for
basic earnings per share 35.9 38.1 35.9 38.4
Dilutive effect from assumed exercise of stock options 0.5 0.5 0.4 0.5
------ ------ ------ ------
Total outstanding shares for diluted earnings per share 36.4 38.6 36.3 38.9
====== ====== ====== ======
Earnings (loss) per common share:
Basic
Earnings from continuing operations $ 1.71 $ 1.62 $ 2.66 $ 2.37
Loss from discontinued operations, net of taxes -- (0.03) -- (0.03)
------ ------ ------ ------
$ 1.71 $ 1.59 $ 2.66 $ 2.34
====== ====== ====== ======
Diluted
Earnings from continuing operations $ 1.69 $ 1.60 $ 2.63 $ 2.35
Loss from discontinued operations, net of taxes -- (0.03) -- (0.03)
------ ------ ------ ------
$ 1.69 $ 1.57 $ 2.63 $ 2.32
====== ====== ====== ======
</TABLE>
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