EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
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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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1997 1996
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Primary Net Income Per Common Share
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Net income $ 980 $ 386
Less: Preferred stock dividend requirements (14) (15)
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Primary net income available for common stock $ 966 $ 371
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Average number of primary common shares outstanding
for computation of earnings per share (thousands) 260,071 260,654
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Primary net income per common share $ 3.72 $ 1.42
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Fully Diluted Net Income Per Common Share
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Net income $ 980 $ 386
Less: Preferred stock dividend requirements of non-dilutive
and anti-dilutive issues and adjustments to net income
associated with dilutive securities (5) (6)
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Fully diluted net income $ 975 $ 380
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Average number of primary common shares outstanding
for computation of earnings per share (thousands) 260,071 260,654
Additional shares outstanding assuming full conversion of dilutive
convertible securities into common stock, (thousands):
Convertible debentures 144 147
Convertible Preferred Stock
Series B ESOP 9,227 9,526
Series F ESOP 571 623
Other 226 158
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Average number of fully diluted common shares outstanding
for computation of earnings per share (thousands) 270,239 271,108
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Fully diluted net income per common share $ 3.61 $ 1.40
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