Exhibit 11.1

NewMarket Corporation and Subsidiaries

Computation of Basic and Diluted Earnings per Share

For the Years Ended December 31, 2004, 2003 and 2002

(In thousands except per share amounts)

	2004		2003		2002
Basic earnings per share
Numerator:
Income available to shareholders, as reported	$	33,058	$	37,053	$	9,909
Denominator:
Average number of shares of common stock outstanding		16,916		16,733		16,689
Basic earnings per share	$	1.95	$	2.21	$	0.59
Diluted earnings per share
Numerator:
Income available to shareholders, as reported	$	33,058	$	37,053	$	9,909
Denominator:
Average number of shares of common stock outstanding		16,916		16,733		16,689
Shares issuable upon exercise of stock options		283		207		43
		17,199		16,940		16,732
Diluted earnings per share	$	1.92	$	2.19	$	0.59

Note:

In the periods presented, NewMarket Corporation had only one class of common stock outstanding.