Exhibit 11.1

ALBEMARLE CORPORATION

COMPUTATION OF PRO FORMA EARNINGS PER SHARE

Years Ended December 31, 2004, 2003 and 2002

(In Thousands, Except Per Share Amounts)

	Pro Forma 2004		Pro Forma 2003			Pro Forma 2002
BASIC EARNINGS PER SHARE
Numerator:
Income before cumulative effect of a change in accounting principle, net and after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	53,376	$	70,658		$	70,398
Cumulative effect of a change in accounting principle, net		—		(2,220	)		—
Net income after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	53,376	$	68,438		$	70,398
Denominator:
Average number of shares of common stock outstanding		41,567		41,255			42,104
Income before cumulative effect of a change in accounting principle, net and after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	1.28	$	1.71		$	1.67
Cumulative effect of a change in accounting principle, net		—		(0.05	)		—
Basic earnings per share	$	1.28	$	1.66		$	1.67
DILUTED EARNINGS PER SHARE
Numerator:
Income before cumulative effect of a change in accounting principle, net and after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	53,376	$	70,658		$	70,398
Cumulative effect of a change in accounting principle, net		—		(2,220	)		—
Net income after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	53,376	$	68,438		$	70,398
Denominator:
Average number of shares of common stock outstanding		41,567		41,255			42,104
Shares issuable upon the assumed exercise of outstanding stock options and other common stock equivalents		1,587		1,070			1,190
Total pro forma shares		43,154		42,325			43,294
Income before cumulative effect of a change in accounting principle, net and after effect of applying SFAS No. 123 “Accounting for Stock-Based Compensation”	$	1.24	$	1.67		$	1.63
Cumulative effect of a change in accounting principle, net		—		(0.05	)		—
Diluted earnings per share	$	1.24	$	1.62		$	1.63

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