EXHIBIT 11
CONSOLIDATED NATURAL GAS COMPANY AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS (Note 1)
(In Thousands, Except Per Share Data)
________________________________________________________________________________
_______________________
Years Ended December 31, 1994
1993 1992
________________________________________________________________________________
_______________________
EARNINGS PER SHARE OF COMMON STOCK,
as Shown on the Consolidated Statement of Income
Income before cumulative effect of change in
accounting principle. . . . . . . . . . . . $183,171
$188,494 $194,958
Cumulative effect of applying Statement of
Financial Accounting Standards No. 109 (SFAS No. 109). -
17,422 -
________
________ ________
Net income . . . . . . . . . . . . . . . $183,171
$205,916 $194,958
========
======== ========
Average common shares outstanding . . . . . . . 93,000
92,808 89,128
________
________ ________
Earnings per share of common stock
Income before cumulative effect of change
in accounting principle . . . . . . . . . $ 1.97
$ 2.03 $ 2.19
Cumulative effect of applying SFAS No. 109. . . . -
.19 -
________
________ ________
Net income . . . . . . . . . . . . . . $ 1.97
$ 2.22 $ 2.19
========
======== ========
PRIMARY EARNINGS PER SHARE
Income before cumulative effect of change
in accounting principle . . . . . . . . . . $183,171
$188,494 $194,958
Cumulative effect of applying SFAS No. 109 . . . . -
17,422 -
________
________ ________
Net income . . . . . . . . . . . . . . . $183,171
$205,916 $194,958
========
======== ========
Average common shares outstanding . . . . . . . 93,000
92,808 89,128
Incremental shares resulting from
assumed exercise of stock options. . . . . . . 78
316 139
________
________ ________
Average common shares, as adjusted . . . . . . . 93,078
93,124 89,267
________
________ ________
Primary earnings per share
Income before cumulative effect of change
in accounting principle . . . . . . . . . $ 1.97
$ 2.02 $ 2.18
Cumulative effect of applying SFAS No. 109. . . . -
.19 -
________
________ ________
Net income . . . . . . . . . . . . . . $ 1.97
$ 2.21 $ 2.18
========
======== ========
________________________________________________________________________________
_______________________
EXHIBIT 11
(Cont.)
CONSOLIDATED NATURAL GAS COMPANY AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS (Note 1) (Continued)
(In Thousands, Except Per Share Data)
________________________________________________________________________________
_______________________
Years Ended December 31, 1994
1993 1992
________________________________________________________________________________
_______________________
FULLY DILUTED EARNINGS PER SHARE (Note 2)
Income before cumulative effect of change
in accounting principle . . . . . . . . . . $183,171
$188,494 $194,958
Interest on 7 1/4% Convertible Subordinated
Debentures, net of tax effect . . . . . . . . 12,465
12,663 13,522
________
________ ________
Income before cumulative effect of change
in accounting principle, as adjusted. . . . . . 195,636
201,157 208,480
Cumulative effect of applying SFAS No. 109 . . . . -
17,422 -
________
________ ________
Net income, as adjusted. . . . . . . . . . . $195,636
$218,579 $208,480
========
======== ========
Average common shares outstanding . . . . . . . 93,000
92,808 89,128
Incremental shares resulting from
assumed exercise of stock options. . . . . . . 96
349 161
Shares issuable from assumed conversion of 7 1/4%
Convertible Subordinated Debentures . . . . . . 4,577
4,630 4,630
________
________ ________
Average common shares, as adjusted . . . . . . . 97,673
97,787 93,919
________
________ ________
Fully diluted earnings per share
Income before cumulative effect of change
in accounting principle, as adjusted . . . . . $ 2.00
$ 2.06 $ 2.22
Cumulative effect of applying SFAS No. 109. . . . -
.18 -
________
________ ________
Net income, as adjusted . . . . . . . . . . $ 2.00
$ 2.24 $ 2.22
========
======== ========
________________________________________________________________________________
_______________________
<FN>
Notes:
(1) This calculation is submitted in accordance with Regulation S-K
Item 601(b)(11) although not required by footnote 2 to paragraph 14
of APB Opinion No. 15 because it results in dilution of less than 3%.
(2) This calculation is submitted in accordance with Regulation S-K
Item 601(b)(11) although it is contrary to paragraph 40 of APB
Opinion No. 15 because the assumed conversion of the 7 1/4%
Convertible Subordinated Debentures produces an antidilutive result.