EXHIBIT 11

LONE STAR INDUSTRIES, INC.
Computation of Earnings Per Common Share (Unaudited)
(In Thousands Except Per Share Amounts)


                                  For the Three Months     For the Nine Months
                                   Ended September 30,     Ended September 30,
                                    1996        1995        1996          1995 
                                                                     
PER SHARE OF COMMON STOCK - PRIMARY                                        
                                                                            
Net income                          $ 25,346   $ 18,122    $ 39,333     $25,173
Net interest expense reduction (1)       220        496         769       1,699
Net income applicable to                                             
  common stock                      $ 25,566   $ 18,618    $ 40,102     $26,872
                                                                      
Weighted average shares outstanding                                  
  during period                       11,369     12,068      11,424      12,068
 Options and warrants in excess of                                   
   20% limit (1)                       2,340      2,228       2,364       2,228
Weighted average shares outstanding                                  
  during period                       13,709     14,296      13,788      14,296
                                                                      
 Net income per common share        $   1.86   $   1.30    $   2.91     $  1.88
                                                                      
                                                                     
PER SHARE OF COMMON STOCK ASSUMING                                   
  FULL DILUTION                                                      
                                                                     
Net income                          $ 25,346   $ 18,122    $ 39,333     $25,173 
 Plus: Net interest expense                                          
   reduction (1)                         198        465         611       1,373
Net income applicable to common
 stock                              $ 25,544   $ 18,587    $ 39,944     $26,546
                                                                     
                                                                     
Weighted average shares outstanding                                  
  during period                       11,369     12,068      11,424      12,068
Options and warrants in excess of                                    
  20% limit (1)                        2,340      2,228       2,364       2,228
                                                                        
Fully diluted shares outstanding      13,709     14,296      13,788      14,296
                                                                     
Net income per common share assuming                                 
  full dilution                     $   1.86   $   1.30    $   2.90     $  1.86



(1)	Due to the fact that the Company's aggregate number of common stock 
equivalents is in excess of 20% of its outstanding common stock, fully 
diluted earnings per share has been calculated using the modified 
treasury stock method for the three and nine months ended September 30, 
1996 and 1995.