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                                                                                      EXHIBIT 11

            M.A. HANNA COMPANY AND CONSOLIDATED SUBSIDIARIES

                   COMPUTATION OF EARNINGS PER SHARE
<CAPTION>
                                                                 Year Ended December 31
                                                         1996             1995             1994
                                                    (Dollars in thousands except per share data)
<S>                                                  <C>              <C>              <C>
Primary
    Income from continuing operations
        before extraordinary charge                  $   59,162       $   56,702       $   37,004
    Income(loss) from discontinued operations                 -           45,337            9,970
    Extraordinary charge                                 (5,352)               -           (3,680)
            Net income                               $   53,810       $  102,039       $   43,294

    Average common shares outstanding                45,789,136       46,511,966       46,298,663
    Net effect of dilutive stock options
        and stock warrants - based on treasury
        stock method using average market price               - *              - *              - *
    Total                                            45,789,136       46,511,966       46,298,663

    Income(loss) per share
        Continuing operations                        $     1.29       $     1.22       $      .80
        Discontinued operations                               -              .97              .21
        Extraordinary charge                               (.11)               -             (.08)
            Net income                               $     1.18       $     2.19       $      .93

Fully diluted
    Income from continuing operations
        before extraordinary charge                  $   59,162       $   56,702       $   37,004
    Income(loss) from discontinued operations                 -           45,337            9,970
    Extraordinary charge                                 (5,352)               -           (3,680)
            Net income                               $   53,810       $  102,039       $   43,294

    Average common shares outstanding                45,789,136       46,511,966       46,298,663
    Net effect of dilutive stock options
        and stock warrants - based on treasury
        stock method using the year-end market
        price if higher than average market price     1,147,177        1,030,605          898,413
    Total                                            46,936,313       47,542,571       47,197,076

    Income(loss) per share
        Continuing operations                        $     1.26       $     1.19       $      .79
        Discontinued operations                               -              .95              .21
        Extraordinary charge                               (.11)               -             (.08)
                                                     $     1.15       $     2.14       $      .92


*   Not significant in 1996, 1995 and 1994.


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