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,
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1995 1994 1995 1994
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PRIMARY EARNINGS (LOSS) PER SHARE
COMPUTATION:
Earnings before extraordinary item. . . . $ 7,456 1,230 9,216 8,432
Extraordinary loss on extinguishment of debt . . . - - - ( 4,752)
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Net earnings . . . . . . . . . 7,456 1,230 9,216 3,680
Less dividend requirements on preferred stocks . . - 791 - 2,680
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Net earnings applicable to common stock $ 7,456 439 9,216 1,000
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Average outstanding common shares. 24,538 22,525 24,525 20,688
Average outstanding common equivalent shares . . . 668 697 638 662
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Average outstanding common and common
equivalent shares . . . . . 25,206 23,222 25,163 21,350
========= ========= ========= =========
Primary Earnings (Loss) Per Share:
Earnings before extraordinary item. . . $ .30 .02 .37 .27
Extraordinary loss on extinguishment of debt . . - - ( .22)
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Net earnings . . . . . . . $ .30 .02 .37 .05
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FULLY DILUTED EARNINGS (LOSS) PER
SHARE COMPUTATION:
Net earnings applicable to common stock . $ 7,456 439 9,216 1,000
Add dividend requirements on preferred stocks. . . - 791 - 2,680
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Net earnings applicable to common
stock - fully diluted . . $ 7,456 1,230 9,216 3,680
========= ========= ========= =========
Average outstanding common and common
equivalent shares . . . . . . 25,206 23,222 25,163 21,350
Shares issuable on conversion of preferred shares. - 2,473 - 2,976
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Fully diluted shares. . . . . 25,206 25,695 25,163 24,326
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Fully Diluted Earnings Per Share - Anti-dilutive<F1>$ .30 .02 .37 .05
========= ========= ========= =========
<FN>
<F1> 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.