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                                  EXHIBIT (11)

                       Elcor Corporation and Subsidiaries
          Computation of Income Per Common and Common Equivalent Share


(In thousands, except per share amounts)

<TABLE>
<CAPTION>
1.       Three Months Ended December 31, 1996                               Three Months Ended
         and December 31, 1995                                            -----------------------
                                                                           12-31-96     12-31-95
                                                                          ----------   ----------
<S>                                                                       <C>          <C>       
                 Net Income                                               $    2,309   $    2,124
                                                                          ==========   ==========
         Shares:
           Weighted average common shares                                      8,780        8,739
            outstanding

         Adjustments:
           (a)   Assumed issuance of shares purchased
                 under incentive stock option plan using
                 the treasury stock method                                        63           99
                                                                          ----------   ----------
         Total Common and Common Equivalent Shares                             8,843        8,838
                                                                          ==========   ==========
         Income per Common and Common Equivalent Share                    $      .26   $      .24
                                                                          ==========   ==========
<CAPTION>

2.       Six Months Ended December 31, 1996                                   Six Months Ended
         and December 31, 1995                                            -----------------------
                                                                           12-31-96     12-31-95
                                                                          ----------   ----------

<S>                                                                       <C>          <C>       
                 Net Income                                               $    6,077   $    5,787
                                                                          ==========   ==========

         Shares:

            Total Common and Common Equivalent Shares

            Three months ended 9/30/96 and 9/30/95                             8,793        8,843
            Three months ended 12/31/96 and 12/31/95                           8,843        8,838
                                                                          ----------   ----------
            Average six months ended 12/31/96 and 12/31/95                     8,818        8,840
                                                                          ==========   ==========

         Income per Common and Common Equivalent Share                    $      .69   $      .65
                                                                          ==========   ==========
</TABLE>