EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
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(Millions of dollars, except per share amounts)
(Unaudited)
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For the three months
ended March 31,
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1995 1994
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Primary Net Income Per Common Share
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Net income from continuing operations $ 301 $ 202
Discontinued operations - -
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Net income 301 202
Less: Preferred stock dividend requirements 16 24
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Primary net income available for common stock $ 285 $ 178
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Average number of primary common shares
outstanding (thousands) 259,623 259,185
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Primary net income per common share $ 1.10 $ .69
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Fully Diluted Net Income Per Common Share
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Net income $ 301 $ 202
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Preferred stock dividend requirements of non-dilutive
issues and adjustments to net income associated
with dilutive securities 6 24
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Fully diluted net income $ 295 $ 178
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Average number of primary common shares
outstanding (thousands) 259,623 259,185
Additional shares outstanding assuming full
conversion of dilutive convertible securities
into common stock, (thousands):
Convertible debentures 148 148
Convertible Preferred Stock
Series B ESOP 9,988 -
Series F ESOP 673 -
Other 84 74
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Average number of fully diluted common
shares outstanding (thousands) 270,516 259,407
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Fully diluted net income per common share $ 1.09 $ .69
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