Exhibit 11 TESORO PETROLEUM CORPORATION AND SUBSIDIARIES INFORMATION SUPPORTING EARNINGS (LOSS) PER SHARE COMPUTATIONS (Unaudited) (In thousands, except per share amounts) Three Months Ended March 31, ------------------- 1995 1994 ---- ---- PRIMARY EARNINGS (LOSS) PER SHARE COMPUTATION: Earnings before extraordinary item. . . . . . . . . . . $ 1,760 7,202 Extraordinary loss on extinguishment of debt. . . . . . - ( 4,752) -------- -------- Net earnings . . . . . . . . . . . . . . . . . . . . . 1,760 2,450 Less dividend requirements on preferred stocks. . . . . - 1,889 -------- -------- Net earnings applicable to common stock . . . . . . . $ 1,760 561 ======== ======== Average outstanding common shares . . . . . . . . . . . 24,512 18,830 Average outstanding common equivalent shares. . . . . . 607 625 -------- -------- Average outstanding common and common equivalent shares. . . . . . . . . . . . . . . . . . . . . . . 25,119 19,455 ======== ======== Primary Earnings (Loss) Per Share: Earnings before extraordinary item. . . . . . . . . . $ .07 .27 Extraordinary loss on extinguishment of debt. . . . . - ( .24) -------- -------- Net earnings . . . . . . . . . . . . . . . . . . . . $ .07 .03 ======== ======== FULLY DILUTED EARNINGS (LOSS) PER SHARE COMPUTATION: Net earnings applicable to common stock . . . . . . . . $ 1,760 561 Add dividend requirements on preferred stocks . . . . . - 1,889 -------- -------- Net earnings (loss) applicable to common stock - fully diluted . . . . . . . . . . . . . . . . . . . $ 1,760 2,450 ======== ======== Average outstanding common and common equivalent shares 25,119 19,455 Shares issuable on conversion of preferred shares . . . - 3,486 Other . . . . . . . . . . . . . . . . . . . . . . . . . - 77 -------- -------- Fully diluted shares. . . . . . . . . . . . . . . . . 25,119 23,018 ======== ======== Fully Diluted Earnings Per Share - Anti-dilutive* . . . $ .07 .03 ======== ======== * 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. 26