Exhibit 11

ALBEMARLE CORPORATION

COMPUTATION OF PRO FORMA EARNINGS PER SHARE

for the years ended December 31, 2002 and 2001

(In thousands except per share amounts)

	Pro Forma 2002		Pro Forma 2001
BASIC EARNINGS PER SHARE
Numerator:
Net income after effect of applying SFAS No. 123 “Accounting for Stock Based Compensation”	$	73,051	$	66,524
Denominator:
Average number of shares of common stock outstanding		42,104		45,766
Basic earnings per share	$	1.74	$	1.45
DILUTED EARNINGS PER SHARE
Numerator:
Net income after effect of applying SFAS No. 123 “Accounting for Stock Based Compensation”	$	73,051	$	66,524
Denominator:
Average number of shares of common stock outstanding		42,104		45,766
Shares issuable upon the assumed exercise of outstanding stock options and other common stock equivalents		1,033		758
Total pro forma shares		43,137		46,524
Diluted earnings per share	$	1.69	$	1.43