EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
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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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Primary Net Income Per Common Share 1996 1995
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Net income from continuing operations before cumulative
effect of accounting change $ 386 $ 418
Cumulative effect of accounting change - (121)
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Net income 386 297
Less: Preferred stock dividend requirements (15) (16)
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Primary net income available for common stock $ 371 $ 281
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Average number of primary common shares outstanding
for computation of earnings per share (thousands) 260,654 259,623
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Primary net income per common share $ 1.42 $ 1.08
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Fully Diluted Net Income Per Common Share
Net income $ 386 $ 297
Less: Preferred stock dividend requirements of non-dilutive
and anti-dilutive issues and adjustments to net income
associated with dilutive securities (6) (6)
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Fully diluted net income $ 380 $ 291
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Average number of primary common shares outstanding
for computation of earnings per share (thousands) 260,654 259,623
Additional shares outstanding assuming full conversion of dilutive
convertible securities into common stock, (thousands):
Convertible debentures 147 148
Convertible Preferred Stock
Series B ESOP 9,526 9,988
Series F ESOP 623 673
Other 158 84
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Average number of fully diluted common shares outstanding
for computation of earnings per share (thousands) 271,108 270,516
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Fully diluted net income per common share $ 1.40 $ 1.07
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