PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 11

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

							Six Months Ended
	Second Quarter						June 30,
	2005			2004			2005			2004
Net income	$	682.3			226.6			1,069.0			412.3
Preferred stock dividends		(3.4	)		(3.4	)		(6.8	)		(6.8	)
Net income applicable to common shares	$	678.9			223.2			1,062.2			405.5
Basic:
Average number of common shares outstanding		96.2			92.9			96.0			92.3
Diluted:
Average number of common shares outstanding		96.2			92.9			96.0			92.3
Common stock equivalents — stock options		0.3			1.0			0.4			1.4
Common stock equivalents — restricted stock		0.4			0.3			0.4			0.3
Conversion of mandatory convertible preferred stock		4.2			4.2			4.2			4.2
Diluted average number of common shares outstanding		101.1			98.4			101.0			98.2
Basic earnings per share	$	7.06			2.40			11.07			4.39
Diluted earnings per share	$	6.75			2.30			10.59			4.20