Exhibit 11.
MOBIL CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
(In millions, except for per-share amounts;
number of shares in thousands)
For the Three Months
Ended June 30,
____________________
Primary 1996 1997
_______ ________ ________
Net income ........................................... $ 783 $ 850
Less dividends on preferred stock..................... 13 13
-------- --------
Net income applicable to common shares ............... $ 770 $ 837
======== ========
Weighted average number of primary common shares
Outstanding ........................................ 788,506 787,005
Issuable on assumed exercise of stock options ...... 9,972 11,267
-------- --------
Total ........................................... 798,478 798,272
======== ========
Primary earnings per common share .................... $ 0.96 $ 1.05
======== ========
Fully Diluted
_____________
Net income ............................ .............. $ 783 $ 850
Less additional contribution to ESOP ................. 4 4
-------- --------
Adjusted net income applicable to common shares ...... $ 779 $ 846
======== ========
Weighted average number of primary common shares ..... 798,478 798,272
Increment to assumed exercise of stock options to
reflect maximum dilutive effect .................... - 871
Assumed conversion of preferred stock ................ 18,079 17,338
-------- --------
Total ........................................... 816,557 816,481
======== ========
Fully diluted earnings per common share .............. $ 0.95 $ 1.04
======== ========
___________
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.
Prior year data have been restated to reflect a two-for-one stock split
which had a record date of May 20, 1997.
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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 Six Months
Ended June 30,
Primary 1996 1997
Net income ......................................... $ 1,519 $ 1,676
Less dividends on preferred stock .................. 27 26
-------- --------
Net income applicable to common shares ............. $ 1,492 $ 1,650
======== ========
Weighted average number of primary common shares
Outstanding ...................................... 788,741 787,574
Issuable on assumed exercise of stock options .... 9,900 10,834
-------- ---------
Total ........................................ 798,641 798,408
======== ========
Primary earnings per common share................... $ 1.87 $ 2.07
======== ========
Fully Diluted
Net Income ......................................... $ 1,519 $ 1,676
Less additional contribution to ESOP ............... 10 8
-------- --------
Adjusted net income applicable to common shares .... $ 1,509 $ 1,668
======== ========
Weighted average number of primary common shares ... 798,641 798,408
Increment to assumed exercise of stock options to
reflect maximum dilutive effect ................ - 1,304
Assumed conversion of preferred stock .............. 18,079 17,338
-------- --------
Total ........................................ 816,720 817,050
======== ========
Fully diluted earnings per common share............. $ 1.85 $ 2.04
======== ========
___________
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.
Prior year data have been restated to reflect a two-for-one stock split
which had a record date of May 20, 1997.
MOBIL -19-