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,
1995 1994 1995 1994
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PRIMARY EARNINGS (LOSS) PER SHARE
COMPUTATION
Earnings (loss) before extraordinary item . . . . . $ 36,782 ( 3,263) 45,998 5,169
Extraordinary loss on extinguishment of debt. . . . - - - ( 4,752)
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Net earnings (loss) . . . . . . . . . . . . . . . . 36,782 ( 3,263) 45,998 417
Less dividend requirements on preferred stocks. . . - - - 2,680
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Net earnings (loss) applicable to common stock. . $ 36,782 ( 3,263) 45,998 ( 2,263)
========= ========= ========= =========
Average outstanding common shares . . . . . . . . . 24,542 24,381 24,531 21,933
Average outstanding common equivalent shares. . . . 551 630 609 651
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Average outstanding common and common
equivalent shares . . . . . . . . . . . . . . . 25,093 25,011 25,140 22,584
========= ========= ========= =========
Primary Earnings (Loss) Per Share:
Earnings (loss) before extraordinary item . . . . $ 1.47 ( .13) 1.83 .11
Extraordinary loss on extinguishment of debt. . . - - - ( .21)
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Net earnings (loss) . . . . . . . . . . . . . . $ 1.47 ( .13) 1.83 ( .10)
========= ========= ========= =========
FULLY DILUTED EARNINGS (LOSS) PER
SHARE COMPUTATION
Net earnings (loss) applicable to common stock. . . $ 36,782 ( 3,263) 45,998 ( 2,263)
Add dividend requirements on preferred stocks . . . - - - 2,680
--------- --------- --------- ---------
Net earnings (loss) applicable to common
stock - fully diluted . . . . . . . . . . . . $ 36,782 ( 3,263) 45,998 417
========= ========= ========= =========
Average outstanding common and common
equivalent shares . . . . . . . . . . . . . . . . 25,093 25,011 25,140 22,584
Shares issuable on conversion of preferred shares . - - - 1,973
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Fully diluted shares. . . . . . . . . . . . . . . 25,093 25,011 25,140 24,557
========= ========= ========= =========
Fully Diluted Earnings (Loss) Per Share -
Anti-dilutive<F1> . . . . . . . . . . . . . . . . $ 1.47 ( .13) 1.83 ( .10)
========= ========= ========= =========
<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.