EXHIBIT 11

ROWAN COMPANIES, INC.
COMPUTATION OF BASIC AND
DILUTED INCOME PER SHARE
(in thousands except per share amounts)

	For the Year Ended December 31,
	2004		2003			2002
Weighted average shares of common stock outstanding		105,472		93,820			93,764
Stock options (treasury stock method)		1,016					735
Shares issuable from assumed conversion of floating rate subordinated debentures		645					893
Weighted average shares for diluted income per share calculation		107,133		93,820			95,392
Net income (loss) from continuing operations for basic calculation	$	26,371	$	(3,940	)	$	77,649
Charges related to dilutive securities
Net income (loss) from continuing operations for diluted calculation	$	26,371	$	(3,940	)	$	77,649
Basic income (loss) per share from continuing operations	$	.25	$	(.04	)	$	.83
Diluted income (loss) per share from continuing operations	$	.25	$	(.04	)	$	.81

     Note: Reference is made to Note 1 to Consolidated Financial Statements regarding computation of per share amounts.