Exhibit 11

POTASH CORPORATION OF SASKATCHEWAN INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31

	2004		2003
A Net income as reported, Canadian GAAP ($ millions)	$	50.7	$	3.2
B Items adjusting net income ($ millions)	$	3.4	$	1.6
C Net income, US GAAP ($ millions)	$	54.1	$	4.8
D Weighted average number of shares outstanding		53,343,000		52,089,000
E Net additional shares issuable for diluted earnings per share calculation		680,000		223,000
CANADIAN GAAP
Basic earnings per share (A/D)	$	0.95	$	0.06
Diluted earnings per share (A/(D+E))	$	0.94	$	0.06
UNITED STATES GAAP
Basic earnings per share (C/D)	$	1.01	$	0.09
Diluted earnings per share (C/(D+E))	$	1.00	$	0.09