Exhibit 11.
MOBIL CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
(In millions of dollars except per-share amounts;
number of shares in thousands)
For the Three Months
Ended September 30,
____________________
Primary 1994 1995
_______ ________ ________
Net income ................................................ $ 503 $ 786
Less dividends on preferred stock ......................... 14 14
-------- --------
Net income applicable to common shares .................... $ 489 $ 772
-------- --------
Weighted average number of primary common shares
Outstanding ............................................. 398,109 395,536
Issuable on assumed exercise of stock options ........... 3,173 4,276
-------- --------
Total ................................................ 401,282 399,812
======== ========
Primary earnings per common share ......................... $ 1.22 $ 1.93
======== ========
Fully Diluted
_____________
Net income ................................................ $ 503 $ 786
Less additional contribution to ESOP ...................... 6 5
Less dividends on preferred stock ......................... - -
-------- --------
Adjusted net income applicable to common shares ........... $ 497 $ 781
======== ========
Weighted average number of primary common shares .......... 401,282 399,812
Increment to assumed exercise of stock options to
reflect maximum dilutive effect ......................... - 166
Assumed conversion of preferred stock ..................... 9,649 9,369
-------- --------
Total ................................................ 410,931 409,347
======== ========
Fully diluted earnings per common share ................... $ 1.21 $ 1.91
======== ========
___________
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.
MOBIL - 21 -
Exhibit 11. (concluded)
MOBIL CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
(In millions, except for per-share amounts;
number of shares in thousands)
For the Nine Months
Ended September 30,
Primary 1994 1995
Income before change in accounting principle .................. $ 1,236 $ 1,601
Less dividends on preferred stock ............................. 43 42
-------- --------
Adjusted income applicable to common shares before
change in accounting principle .............................. $ 1,193 $ 1,559
Cumulative effect of change in accounting principle ........... (680) -
-------- --------
Adjusted net income applicable to common shares ............... $ 513 $ 1,559
======== ========
Weighted average number of primary common shares
Outstanding ................................................. 398,266 395,726
Issuable on assumed exercise of stock options ............... 2,960 3,835
-------- ---------
Total ................................................... 401,226 399,561
======= =========
Primary earnings per common share
Income applicable to common shares before change
in accounting principle ................................... $ 2.97 $ 3.90
Cumulative effect of change in accounting principle ......... (1.69) -
-------- --------
Net income per common share ................................... $ 1.28 $ 3.90
======== ========
Fully Diluted
Income before change in accounting principle .................. $ 1,236 $ 1,601
Less additional contribution to ESOP .......................... - (a) 17
Less dividends on preferred stock ............................. 43 (a) -
-------- --------
Adjusted income applicable to common shares before
change in accounting principle .............................. $ 1,193 $ 1,584
Cumulative effect of change in accounting principle ........... (680) -
-------- --------
Adjusted net income applicable to common shares ............... $ 513 $ 1,584
======== ========
Weighted average number of primary common shares .............. 401,226 399,561
Increment to assumed exercise of stock options to
reflect maximum dilutive effect ............................. - 608
Assumed conversion of preferred stock ......................... - (a) 9,369
-------- ---------
Total ................................................... 401,226 409,538
======== =========
Fully diluted earnings per common share
Adjusted income before change in accounting
principle ................................................. $ 2.97 $ 3.87
Cumulative effect of change in accounting principle ......... (1.69) -
-------- ---------
Net income per common share ................................... $ 1.28 $ 3.87
======== =========
___________
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 nine months ended September 30, 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.
MOBIL - 22 -