EXHIBITS
Exhibit 11
MOBIL CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
(Millions of dollars except per-share amounts; number of shares in thousands)
Primary 1993 1994 1995
- - - - ------- ------ ------ ------
Income before change in accounting principle .......... $2,084 $1,759 $2,376
Less dividends on preferred stock ..................... 59 58 56
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Adjusted income applicable to common shares before
change in accounting principle ...................... $2,025 $1,701 $2,320
Cumulative effect of change in accounting principle ... - (680) -
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Adjusted net income applicable to common shares ....... $2,025 $1,021 $2,320
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Weighted average number of primary common shares
outstanding ......................................... 399,154 397,955 395,444
Issuable on assumed exercise of stock options ......... 2,500 2,918 3,984
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Total ........................................... 401,654 400,873 399,428
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Primary earnings per common share
Income applicable to common shares before change
in accounting principle ........................... $ 5.04 $ 4.24 $ 5.81
Cumulative effect of change in accounting principle . - (1.69) -
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Net income per common share ........................... $ 5.04 $ 2.55 $ 5.81
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Fully Diluted
- - - - -------------
Income before change in accounting principle .......... $2,084 $1,759 $2,376
Less additional contribution to ESOP .................. 27 -(a) 22
Less dividends on preferred stock ..................... - 58(a) -
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Adjusted income applicable to common shares before
change in accounting principle ...................... $2,057 $1,701 $2,354
Cumulative effect of change in accounting principle ... - (680)
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Adjusted net income applicable to common shares ....... $2,057 $1,021 $2,354
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Weighted average number of primary common shares ...... 401,654 400,873 399,428
Increment to assumed exercise of stock options to
reflect maximum dilutive effect ..................... 755 392 1,362
Assumed conversion of preferred stock ................. 9,807 -(a) 9,286
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Total ........................................... 412,216 401,265 410,076
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Fully diluted earnings per common share
Adjusted income before change in accounting
principle(s) ..................................... $ 4.99 $ 4.24 $ 5.74
Cumulative effect of change in accounting principle. - (1.70) -
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Net income per common share ........................... $ 4.99 $ 2.54 $ 5.74
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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 year ended December 31, 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 - 25 -