EXHIBIT 11
Exhibit 11
THE LOUISIANA LAND AND EXPLORATION COMPANY
Computation of Primary and Fully Diluted
Earnings (Loss) Per Share
Years Ended December 31, 1994, 1993 and 1992
(Millions, except per
share data)
1994 1993 1992
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PRIMARY EARNINGS (LOSS) PER SHARE:
Earnings (loss) before extraordinary item and cumulative
effect of changes in accounting principles $(226.9) 12.7 (1.2)
Loss on early retirement of debt - (3.3) (5.6)
Changes in accounting principles - .2 -
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Net earnings (loss) $(226.9) 9.6 (6.8)
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Weighted average shares outstanding 33.3 29.4 28.3
Incremental shares attributable to outstanding
stock options .1 .1 .1
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Weighted average shares, as adjusted 33.4 29.5 28.4
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Primary earnings (loss) per share before extraordinary
item and cumulative effect of changes in accounting
principles $ (6.80) 0.43 (0.04)
Loss on early retirement of debt - (0.11) (0.20)
Changes in accounting principle - 0.01 -
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PRIMARY EARNINGS (LOSS) PER SHARE $ (6.80) 0.33 (0.24)
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FULLY DILUTED EARNINGS (LOSS) PER SHARE:
Earnings (loss) before extraordinary item N/A N/A $ (1.2)
Add back interest expense applicable to convertible
subordinated debentures, net of income taxes 1.8
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.6
Loss on early retirement of debt (5.6)
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Net earnings (loss) , as adjusted N/A N/A $ (5.0)
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Weighted average shares outstanding 28.3
Incremental shares attributable to outstanding
stock options -
Shares attributable to assumed conversion of
convertible subordinated debentures .3
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Weighted average shares, as adjusted N/A N/A 28.6
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Fully diluted earnings (loss) per share before
extraordinary item N/A N/A $ 0.02
Loss on early retirement of debt (0.19)
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FULLY DILUTED EARNINGS (LOSS) PER SHARE N/A N/A $(0.17)*
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* This calculation is submitted in accordance with Regulation S-K item 601(b)(11) although
it is contrary to APB Opinion No. 15 because it produces an anti-dilutive result.