EXHIBIT 11

FERRO CORPORATION AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE

	Three months ended						Nine months ended
	September 30,						September 30,
				Restated						Restated
(in thousands, except per share amounts)	2004			2003			2004			2003
Basic earnings per share computation:
Net income (loss) available to common shareholders	$	5,496		$	(2,084	)	$	25,386		$	7,737
Less: Income (loss) from discontinued operations		(592	)		(524	)		(664	)		2,872
	$	6,088		$	(2,608	)	$	26,050		$	4,865
Weighted-average common shares outstanding		42,049			40,954			41,942			40,759
Basic earnings per share from continuing operations	$	0.14		$	(0.06	)	$	0.62		$	0.12
Diluted earnings per share computation:
Net income (loss) available to common shareholders	$	5,496		$	(2,084	)	$	25,386		$	7,737
Less: Income (loss) from discontinued operations		(592	)		(524	)		(664	)		2,872
Plus: Convertible preferred stock		—			—			—			—
	$	6,088		$	(2,608	)	$	26,050		$	4,865
Weighted-average common shares outstanding		42,049			40,954			41,942			40,759
Assumed conversion of convertible preferred stock		—			—			—			—
Assumed exercise of stock options		94			—			301			185
Weighted-average diluted shares outstanding		42,143			40,954			42,243			40,944
Diluted earnings per share from continuing operations	$	0.14		$	(0.06	)	$	0.62		$	0.12

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