Exhibit 11
TESORO PETROLEUM CORPORATION AND SUBSIDIARIES
INFORMATION SUPPORTING EARNINGS (LOSS)
PER SHARE COMPUTATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
1994 1993 1994 1993
PRIMARY EARNINGS (LOSS) PER SHARE
COMPUTATION:
Earnings (loss) before extraordinary item $ 1,230 1,488 8,432 ( 1,421)
Extraordinary loss on extinguishment of debt - - ( 4,752) -
-------- -------- -------- --------
Net earnings (loss) . . . . . . . . . . . 1,230 1,488 3,680 ( 1,421)
Less dividend requirements on preferred stocks 791 2,302 2,680 4,604
-------- -------- -------- --------
Net earnings (loss) applicable to common stock $ 439 ( 814) 1,000 ( 6,025)
======== ======== ======== ========
Average outstanding common shares . . . . 22,525 14,070 20,688 14,070
Average outstanding common equivalent shares 697 - 662 -
-------- -------- -------- --------
Average outstanding common and common
equivalent shares. . . . . . . . . . . 23,222 14,070 21,350 14,070
======== ======== ======== ========
Primary Earnings (Loss) Per Share:
Earnings (loss) before extraordinary item $ .02 ( .06) .27 ( .43)
Extraordinary loss on extinguishment of debt - - ( .22) -
-------- -------- -------- --------
Net earnings (loss) . . . . . . . . . . $ .02 ( .06) .05 ( .43)
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FULLY DILUTED EARNINGS (LOSS) PER SHARE
COMPUTATION:
Net earnings (loss) applicable to common stock $ 439 ( 814) 1,000 ( 6,025)
Add dividend requirements on preferred stock 791 2,302 2,680 4,604
-------- -------- -------- --------
Net earnings (loss) applicable to common
stock - fully diluted. . . . . . . . . $ 1,230 1,488 3,680 ( 1,421)
======== ======== ======== ========
Average outstanding common and common
equivalent shares . . . . . . . . . . . 23,222 14,070 21,350 14,070
Shares issuable on conversion of preferred shares 2,473 4,775 2,976 4,775
-------- -------- -------- --------
Fully diluted shares. . . . . . . . . . 25,695 18,845 24,326 18,845
======== ======== ======== ========
Fully Diluted Earnings (Loss) Per Share -
Anti-dilutive* . . . . . . . . . . . . . $ .02 ( .06) .05 ( .43)
======== ======== ======== ========
*This calculation is submitted in accordance with paragraph 601 (b)(11) of
Regulation S-K although it is not required by APB Opinion No. 15 because it
produces an anti-dilutive result.
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