EXHIBITS
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Exhibit 11
MOBIL CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
(Millions of dollars except per-share amounts; number of shares in thousands)
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Primary 1992 1993 1994
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Income before change in accounting principle(s) ....... $1,308 $2,084 $1,759
Less dividends on preferred stock ..................... 60 59 58
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Adjusted income applicable to common shares before
change in accounting principle(s) ................... $1,248 $2,025 $1,701
Cumulative effect of change in accounting principle(s). (446) - (680)
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Adjusted net income applicable to common shares ....... $ 802 $2,025 $1,021
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Weighted average number of primary common shares
Outstanding ......................................... 398,517 399,154 397,955
Issuable on assumed exercise of stock options ....... 1,630 2,500 2,918
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Total ........................................... 400,147 401,654 400,873
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Primary earnings per common share
Income applicable to common shares before change
in accounting principle(s) ........................ $ 3.12 $ 5.04 $ 4.24
Cumulative effect of change in accounting principle(s) (1.12) - (1.69)
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Net income per common share ........................... $ 2.00 $ 5.04 $ 2.55
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Fully Diluted
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Income before change in accounting principle(s) ....... $1,308 $2,084 $1,759
Less additional contribution to ESOP .................. -(a) 27 -(a)
Less dividends on preferred stock ..................... 60(a) - 58(a)
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Adjusted income applicable to common shares before
change in accounting principle(s) ................... $1,248 $2,057 $1,701
Cumulative effect of change in accounting principle(s). (446) - (680)
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Adjusted net income applicable to common shares ....... $ 802 $2,057 $1,021
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Weighted average number of primary common shares ...... 400,147 401,654 400,873
Increment to assumed exercise of stock options to
reflect maximum dilutive effect ..................... - 755 392
Assumed conversion of preferred stock ................. -(a) 9,807 -(a)
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Total ........................................... 400,147 412,216 401,265
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Fully diluted earnings per common share
Adjusted income before change in accounting
principle(s) ..................................... $ 3.12 $ 4.99 $ 4.24
Cumulative effect of change in accounting principle(s) (1.12) - (1.70)
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Net income per common share ........................... $ 2.00 $ 4.99 $ 2.54
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This Exhibit is included to show that dilution of earnings per common share is
immaterial and therefore not necessary for presentation on the Consolidated
Statement of Income.
(a) For the years ended December 31, 1992 and 1994, the incremental shares
attributable to the assumed conversion of preferred stock were not
considered for the fully diluted earnings per share calculation due to
their antidilutive effect.
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Mobil - 24 -