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 September 30,
--------------------
Primary 1996 1997
- - ------- -------- --------
Net income ............................................. $ 769 $ 892
Less dividends on preferred stock ...................... 13 13
-------- --------
Net income applicable to common shares ................. $ 756 $ 879
======== ========
Weighted average number of primary common shares
Outstanding .......................................... 787,850 785,798
Issuable on assumed exercise of stock options ........ 9,670 12,978
-------- --------
Total ............................................. 797,520 798,776
======== ========
Primary earnings per common share ...................... $ 0.95 $ 1.10
======== ========
Fully Diluted
- - -------------
Net income ............................................. $ 769 $ 892
Less additional contribution to ESOP ................... 4 3
-------- --------
Adjusted net income applicable to common shares ........ $ 765 $ 889
======== ========
Weighted average number of primary common shares ....... 797,520 798,776
Increment to assumed exercise of stock options to
reflect maximum dilutive effect ...................... 247 -
Assumed conversion of preferred stock .................. 17,838 17,213
-------- --------
Total ............................................. 815,605 815,989
======== ========
Fully diluted earnings per common share ................ $ 0.94 $ 1.09
======== ========
- - -----------
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 - 18 -
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 1996 1997
Net income ............................................ $ 2,288 $ 2,568
Less dividends on preferred stock ..................... 40 39
-------- --------
Net income applicable to common shares ................ $ 2,248 $ 2,529
======== ========
Weighted average number of primary common shares
Outstanding ......................................... 788,442 786,975
Issuable on assumed exercise of stock options ....... 9,609 11,430
-------- ---------
Total ........................................... 798,051 798,405
======== ========
Primary earnings per common share...................... $ 2.82 $ 3.17
======== ========
Fully Diluted
Net Income ............................................ $ 2,288 $ 2,568
Less additional contribution to ESOP .................. 14 11
-------- --------
Adjusted net income applicable to common shares ....... $ 2,274 $ 2,557
======== ========
Weighted average number of primary common shares ...... 798,051 798,405
Increment to assumed exercise of stock options to
reflect maximum dilutive effect ..................... 308 1,460
Assumed conversion of preferred stock ................. 17,838 17,213
-------- --------
Total ........................................... 816,197 817,078
======== ========
Fully diluted earnings per common share................ $ 2.79 $ 3.13
======== ========
- - -----------
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 -