Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 15, 1995

EXHIBIT 11.1

Published on November 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 Nine months ended
----------------------- ------------------------
October 1, October 2, October 1, October 2,
1995 1994 1995 1994
---------- ---------- ---------- ----------

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

Net (loss) income $ (57.3) $ 23.3 $ (19.1) $ 51.0
Preferred dividends, net of tax (0.7) (0.8) (2.3) (2.4)
--------- --------- --------- ---------
Net (loss) earnings attributable to common
shareholders $ (58.0) $ 22.5 $ (21.4) $ 48.6
========= ========= ========= =========

Weighted average number of common shares
outstanding (000s) 30,099 29,742 30,010 29,618
========= ========= ========= =========
Net (loss) earnings per share of common stock $ (1.93) $ 0.76 $ (0.71) $ 1.64
========= ========= ========= =========
Earnings per Share - Assuming Full Dilution
- -------------------------------------------

Net (loss) income $ (57.3) $ 23.3 $ (19.1) $ 51.0
Series B ESOP Preferred dividend, net of tax (0.7) -- (2.3) --
Adjustments for deemed ESOP cash contribution in
lieu of Series B ESOP Preferred dividend * (0.6) * (1.8)
--------- --------- --------- ---------
Net (loss) earnings attributable to common
shareholders $ (58.0) $ 22.7 $ (21.4) $ 49.2
========= ========= ========= =========
Weighted average number of common shares
outstanding (000s) 30,099 29,742 30,010 29,618

Dilutive effect of stock options * 133 * 139
Common shares issuable upon conversion of Series B
ESOP Preferred stock * 2,139 * 2,145
--------- --------- --------- ----------
Weighted average number shares applicable to fully
diluted (loss) earnings per share 30,099 32,014 30,310 31,902
========= ========= ========= ==========
Fully diluted (loss) earnings per share $ (1.93) $ 0.71 $ (0.71) $ 1.54
========= ========= ========= ==========

* No conversion is assumed as the effect is antidilutive.