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PHELPS DODGE CORPORATION AND SUBSIDIARIES

Exhibit 11

COMPUTATION OF PER SHARE EARNINGS
(Unaudited; dollars in millions except per share data)

|                                                   |                                                         |                                           |       |       |                    |  |       |       |               |   | 
|-------------------------------------------------- | ------------------------------------------------------- | ----------------------------------------- | ----- | ----- | ------------------ |  | ----- | ----- | ------------- | - | 
|                                                   |                                                         |                                           |       |       | Three Months Ended
|                                                   |                                                         |                                           |       |       | March 31,         
|                                                   |                                                         |                                           |       |       |                   
|                                                   |                                                         |                                           |       |       | 2003               |  | 2002*
|                                                   |                                                         |                                           |       |       |                    |  |      
|                                                   |                                                         |                                           |       |       |                    |  |       |       | (As Restated)
|Loss before cumulative effect of accounting change |                                                         | $                                         | (23.4 | )     |                    |  | (1.9  | )    
|Cumulative effect of accounting change (1)         |                                                         |                                           | 8.4   |       |                    |  | (22.9 | )    
|                                                   |                                                         |                                           |       |       |                    |  |       |      
|Net loss                                           |                                                         | $                                         | (15.0 | )     |                    |  | (24.8 | )    
|Preferred stock dividends                          |                                                         |                                           | (3.4  | )     |                    |  |      |      
|                                                   |                                                         |                                           |       |       |                    |  |       |      
|Net loss applicable to common shares               |                                                         | $                                         | (18.4 | )     |                    |  | (24.8 | )    
|                                                   |                                                         |                                           |       |       |                    |  |       |      
|Basic:                                             |                                                         |                                           |       |       |                    |  |       |      
|                                                   | Average number of common shares outstanding             |                                           |       | 88.6  |                    |  |       | 78.5  |              
|                                                  
|Diluted:                                           |                                                         |                                           |       |       |                    |  |       |      
|                                                   | Average number of common shares outstanding             |                                           |       | 88.6  |                    |  |       | 78.5  |              
|                                                   | Common stock equivalents  stock options                |                                           |       |      |                    |  |       | 0.1   |              
|                                                   | Common stock equivalents  restricted stock             |                                           |       | 0.4   |                    |  |       | 0.2   |              
|                                                   | Conversion of mandatory convertible preferred stock     |                                           |       | 5.0   |                    |  |       |      |              
|                                                   |                                                         |                                           |       |       |                    |  |       |      
|                                                   | Diluted average number of common shares outstanding (2) |                                           |       | 94.0  |                    |  |       | 78.8  |              
|                                                  
|Basic loss per share:                              |                                                         |                                           |       |       |                    |  |       |      
|                                                   | Loss before cumulative effect of accounting change      |                                           | $     | (0.30 | )                  |  |       | (0.03 | )            
|                                                   |                                                         | Cumulative effect of accounting change(1) |       |       | 0.09               |  |       |       | (0.29         | )
|                                                   |                                                         |                                           |       |       |                    |  |       |      
|                                                   | Basic loss per share                                    |                                           | $     | (0.21 | )                  |  |       | (0.32 | )            
|                                                  
|Diluted loss per share:                            |                                                         |                                           |       |       |                    |  |       |      
|                                                   | Loss before cumulative effect of accounting change      |                                           | $     | (0.30 | )                  |  |       | (0.03 | )            
|                                                   |                                                         | Cumulative effect of accounting change(1) |       |       | 0.09               |  |       |       | (0.29         | )
|                                                   |                                                         |                                           |       |       |                    |  |       |      
|                                                   | Diluted loss per share (2)                              |                                           | $     | (0.21 | )                  |  |       | (0.32 | )            



|*   |  | Refer to Note 2, Restatements, to
the Consolidated Financial Information of this Form 10-Q.                                                                                                                                                 
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(1) |  | The three months ended March 31, 2003, included adoption of SFAS No 143, Accounting for Asset
Retirement Obligations, and the three months ended March 31, 2002, included adoption of SFAS
No 142, Goodwill and Other Intangible Assets.
|   
|(2) |  | Diluted loss per share was anti-dilutive for the three months ended March 31, 2003 and 2002
Therefore, diluted loss per share for these periods is based on basic average number of shares
outstanding.