Exhibit 11

ALBEMARLE CORPORATION

COMPUTATION OF PRO FORMA EARNINGS PER SHARE

for the years ended December 31, 2003, 2002 and 2001

(In thousands except per share amounts)

	Pro Forma 2003			Pro Forma 2002		Pro Forma 2001
BASIC EARNINGS PER SHARE
Numerator:
Income before cumulative effect of a change in accounting principle, net and after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	70,658		$	70,398	$	66,476
Cumulative effect of a change in accounting principle, net		(2,220	)		—		—
Net income after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	68,438		$	70,398	$	66,476
Denominator:
Average number of shares of common stock outstanding		41,255			42,104		45,766
Income before cumulative effect of a change in accounting principle, net and after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	1.71		$	1.67	$	1.45
Cumulative effect of a change in accounting principle, net		(0.05	)		—		—
Basic earnings per share	$	1.66		$	1.67	$	1.45
DILUTED EARNINGS PER SHARE
Numerator:
Income before cumulative effect of a change in accounting principle, net and after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	70,658		$	70,398	$	66,476
Cumulative effect of a change in accounting principle, net		(2,220	)		—		—
Net income after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	68,438		$	70,398	$	66,476
Denominator:
Average number of shares of common stock outstanding		41,255			42,104		45,766
Shares issuable upon the assumed exercise of outstanding stock options and other common stock equivalents		1,070			1,190		765
Total pro forma shares		42,325			43,294		46,531
Income before cumulative effect of a change in accounting principle, net and after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	1.67		$	1.63	$	1.43
Cumulative effect of a change in accounting principle, net		(0.05	)		—		—
Diluted earnings per share	$	1.62		$	1.63	$	1.43