EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
FOR THE NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
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(Millions of dollars, except per share amounts)
(Unaudited)
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For the nine months For the three months
ended September 30, ended September 30,
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1995 1994 1995 1994
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Primary Net Income Per Common Share
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Net income from continuing operations $ 851 $ 598 $ 288 $ 281
Discontinued operations - (87) - -
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Net income 851 511 288 281
Less: Preferred stock dividend requirements (46) (76) (15) (27)
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Primary net income available for common stock $ 805 $ 435 $ 273 $ 254
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Average number of primary common shares
outstanding (thousands) 259,862 259,192 260,087 259,117
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Primary net income per common share $ 3.10 $ 1.68 $ 1.05 $ .98
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Fully Diluted Net Income Per Common Share
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Net income $ 851 $ 511 $ 288 $ 281
Preferred stock dividend requirements of
non-dilutive issues and adjustments to net
income associated with dilutive securities (18) (76) (6) (18)
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Fully diluted net income $ 833 $ 435 $ 282 $ 263
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Average number of primary common shares
outstanding (thousands) 259,862 259,192 260,087 259,117
Additional shares outstanding assuming full
conversion of dilutive convertible securities
into common stock (thousands):
Convertible debentures 147 - 146 148
Convertible Preferred Stock
Series B ESOP 9,883 - 9,790 10,183
Series F ESOP 663 - 660 702
Other 52 69 52 67
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Average number of fully diluted common
shares outstanding (thousands) 270,607 259,261 270,735 270,217
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Fully diluted net income per common share $ 3.08 $ 1.68 $ 1.04 $ .97
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