PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 11

COMPUTATION OF PER SHARE EARNINGS
(Unaudited; $ in millions except per share data)

	Three Months Ended
	March 31,
	2005			2004
Net income	$	386.7			185.7
Preferred stock dividends		(3.4	)		(3.4	)
Net income applicable to common shares	$	383.3			182.3
Basic:
Average number of common shares outstanding		95.7			91.7
Diluted:
Average number of common shares outstanding		95.7			91.7
Common stock equivalents — stock options		0.6			1.6
Common stock equivalents — restricted stock		0.4			0.4
Conversion of mandatory convertible preferred shares		4.2			4.2
Diluted average number of common shares outstanding		100.9			97.9
Basic earnings (loss) per share	$	4.00			1.99
Diluted earnings (loss) per share	$	3.83			1.90