EXHIBIT 11.01

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF EARNINGS PER SHARE

For the Three and Nine Months Ended September 30, 2004 and 2003
(Dollars in Thousands, Except Per Share Data)

	Three Months Ended
	September 30
	2004		2003
Earnings from continuing operations	$	53,033	$	45,615
Earnings from (loss on) discontinued operations		970		(95	)
Net earnings	$	54,003	$	45,520
Weighted average number of common shares outstanding:
Basic		48,216,947		48,922,858
Effect of dilutive securities		355,563		266,870
Diluted		48,572,510		49,189,728
Net earnings per common share:
Basic from continuing operations	$	1.10	$	0.93
Discontinued operations		0.02		—
	$	1.12	$	0.93
Diluted from continuing operations	$	1.09	$	0.93
Discontinued operations		0.02		—
	$	1.11	$	0.93

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EXHIBIT 11.01

MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF EARNINGS PER SHARE

For the Three and Nine Months Ended September 30, 2004 and 2003
(Dollars in Thousands, Except Per Share Data)

	Nine Months Ended
	September 30
	2004		2003
Earnings from continuing operations before the cumulative effect of change in accounting principle	$	90,495	$	71,903
Earnings from (loss on) discontinued operations		1,678		(751	)
Cumulative effect of change in accounting for asset retirement obligations		—		(6,874	)
Net earnings	$	92,173	$	64,278
Weighted average number of common shares outstanding:
Basic		48,253,154		48,906,598
Effect of dilutive securities		390,358		213,354
Diluted		48,643,512		49,119,952
Net earnings per common share:
Basic from continuing operations before cumulative effect of change in accounting principle	$	1.88	$	1.47
Discontinued operations		0.03		(0.02	)
Cumulative effect of change in accounting principle		—		(0.14	)
	$	1.91	$	1.31
Diluted from continuing operations before cumulative effect of change in accounting principle	$	1.86	$	1.47
Discontinued operations		0.03		(0.02	)
Cumulative effect of change in accounting principle		—		(0.14	)
	$	1.89	$	1.31

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