Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 15, 1995

EXHIBIT 11.1

Published on August 15, 1995






Exhibit 11.1
------------

Ball Corporation and Subsidiaries
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
(Millions of dollars except per share amounts)


Three months ended Six months ended
------------------ ----------------
July 2, July 3, July 2, July 3,
1995 1994 1995 1994
------ ------ ------ ------



Earnings per Common Share - Assuming No Dilution
------------------------------------------------

Net income 1 $ 21.9 $ 17.2 $ 38.2 $ 27.7
Preferred dividends, net of tax (0.8) (0.8) (1.6) (1.6)
------- ------- ------- -------

Net earnings attributable to common shareholders $ 21.1 $ 16.4 $ 36.6 $ 26.1
======= ======= ======= =======

Weighted average number of common shares
outstanding (000s) 29,970 29,621 29,966 29,556
======= ======= ======= =======

Net earnings per share of common stock 1 $ 0.70 $ 0.55 $ 1.22 $ 0.88
======= ======= ======= =======

Earnings per Share - Assuming Full Dilution
-------------------------------------------

Net income 1 $ 21.9 $ 17.2 $ 38.2 $ 27.7
Adjustments for deemed ESOP cash contribution in
lieu of Series B ESOP Preferred dividend (0.6) (0.6) (1.2) (1.2)
------- ------- ------- -------

Net earnings attributable to common shareholders $ 21.3 $ 16.6 $ 37.0 $ 26.5
======= ======= ======= =======

Weighted average number of common shares
outstanding (000s) 29,970 29,621 29,966 29,556
Dilutive effect of stock options 286 98 301 100
Common shares issuable upon conversion of Series B
ESOP Preferred stock 2,089 2,140 2,098 2,147
------- ------- -------- -------
Weighted average number shares applicable to fully
diluted earnings per share 32,345 31,859 32,365 31,803
======= ======= ======== =======

Fully diluted earnings per share $ 0.66 $ 0.52 $ 1.14 $ 0.83
======= ======= ======== =======



--------
1 Includes an after-tax charge of $3.3 million recorded in each of the first
and second quarters of 1995 (11 cents per share) or $6.6 million
year-to-date (22 cents per share) to reflect the adoption of the last-in,
first-out method of accounting for certain inventories retroactively to
January 1, 1995.