Exhibit 11
TESORO PETROLEUM CORPORATION AND SUBSIDIARIES
INFORMATION SUPPORTING EARNINGS (LOSS)
PER SHARE COMPUTATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1994 1993 1994 1993
PRIMARY EARNINGS (LOSS) PER SHARE
COMPUTATION:
Earnings (loss) before extraordinary item $ ( 3,263) 1,760 5,169 339
Extraordinary loss on extinguishment of debt - - ( 4,752) -
-------- -------- -------- --------
Net earnings (loss) . . . . . . . . . . . ( 3,263) 1,760 417 339
Less dividend requirements on preferred stock - 2,302 2,680 6,906
-------- -------- -------- --------
Net loss applicable to common stock . . $ ( 3,263) ( 542) ( 2,263) ( 6,567)
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Average outstanding common shares . . . . 24,381 14,070 21,933 14,070
Average outstanding common equivalent shares 630 - 651 -
-------- -------- -------- --------
Average outstanding common and common
equivalent shares. . . . . . . . . . . 25,011 14,070 22,584 14,070
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Primary Earnings (Loss) Per Share:
Earnings (loss) before extraordinary item $ ( .13) ( .04) .11 ( .47)
Extraordinary loss on extinguishment of debt - - ( .21) -
-------- -------- -------- --------
Net loss . . . . . . . . . . . . . . . $ ( .13) ( .04) ( .10) ( .47)
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FULLY DILUTED EARNINGS (LOSS) PER SHARE
COMPUTATION:
Net loss applicable to common stock . . . $ ( 3,263) ( 542) ( 2,263) ( 6,567)
Add dividend requirements on preferred stock - 2,302 2,680 6,906
-------- -------- -------- --------
Net earnings (loss) applicable to common
stock - fully diluted. . . . . . . . . $ ( 3,263) 1,760 417 339
======== ======== ======== ========
Average outstanding common and common
equivalent shares . . . . . . . . . . . 25,011 14,070 22,584 14,070
Shares issuable on conversion of preferred shares - 4,775 1,973 4,775
-------- -------- -------- --------
Fully diluted shares. . . . . . . . . . 25,011 18,845 24,557 18,845
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Fully Diluted Loss Per Share - Anti-dilutive<F6> $ ( .13) ( .04) ( .10) ( .47)
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<FN>
<F6>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.