EXHIBIT 11

FERRO CORPORATION AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE

	Three months ended					Six months ended
	June 30,					June 30,
				Restated					Restated
(in thousands, except per share amounts)	2004			2003		2004			2003
Basic earnings per share computation:
Net income (loss) available to common shareholders	$	11,381		$	4,479	$	19,891		$	9,821
Less: Income (loss) from discontinued operations		(33	)		1,901		(71	)		2,347
	$	11,414		$	2,578	$	19,962		$	7,474
Weighted-average common shares outstanding		41,941			40,729		41,889			40,661
Basic earnings per share from continuing operations	$	0.27		$	0.06	$	0.48		$	0.18
Diluted earnings per share computation:
Net income (loss) available to common shareholders	$	11,381		$	4,479	$	19,891		$	9,821
Less: Income (loss) from discontinued operations		(33	)		1,901		(71	)		2,347
Plus: Convertible preferred stock		357			—		—			—
	$	11,771		$	2,578	$	19,962		$	7,474
Weighted-average common shares outstanding		41,941			40,729		41,889			40,661
Assumed conversion of convertible preferred stock		1,414			—		—			—
Assumed exercise of stock options		381			231		405			195
Weighted-average diluted shares outstanding		43,736			40,960		42,294			40,856
Diluted earnings per share from continuing operations	$	0.27		$	0.06	$	0.47		$	0.18

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