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EXHIBIT 11

POTASH CORPORATION OF SASKATCHEWAN INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE YEARS ENDED DECEMBER 31

|  |  |                                                                           |  |      |            |      |  |   |            |  
|- |  | ------------------------------------------------------------------------- |  | ---- | ---------- | ---- |  | - | ---------- | -
|  |  |                                                                           |  | 2002 |            | 2001
|  |  |                                                                           |  |      |            |     
|A |  | Net income as reported, Canadian GAAP ($ millions)                        |  | $    | 53.6       |      |  | $ | 121.2      |  
|  |  |                                                                           |  |      |            |     
|B |  | Items adjusting net income ($ millions)                                   |  | $    | 7.0        |      |  | $ | (26.6      | )
|  |  |                                                                           |  |      |            |     
|C |  | Net income, US GAAP ($ millions)                                          |  | $    | 60.6       |      |  | $ | 94.6       |  
|  |  |                                                                           |  |      |            |     
|D |  | Weighted average number of shares outstanding                             |  |      | 52,021,000 |      |  |   | 51,879,000 |  
|  |  |                                                                           |  |      |            |     
|E |  | Net additional shares issuable for diluted
earnings per share calculation |  |      | 295,000    |      |  |   | 307,000    |  
|  |  |                                                                           |  |      |            |     
|  |  | CANADIAN GAAP                                                             |  |      |            |      |  |   |            |  
|  |  |                                                                           |  |      |            |     
|  |  | Basic earnings per share (A/D)                                            |  | $    | 1.03       |      |  | $ | 2.34       |  
|  |  |                                                                           |  |      |            |     
|  |  | Diluted earnings per share (A/(D+E))                                      |  | $    | 1.03       |      |  | $ | 2.32       |  
|  |  |                                                                           |  |      |            |     
|  |  | UNITED STATES GAAP                                                        |  |      |            |      |  |   |            |  
|  |  |                                                                           |  |      |            |     
|  |  | Basic earnings per share (C/D)                                            |  | $    | 1.16       |      |  | $ | 1.82       |  
|  |  |                                                                           |  |      |            |     
|  |  | Diluted earnings per share (C/(D+E))                                      |  | $    | 1.16       |      |  | $ | 1.81       |