EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 1997 AND 1996
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(Millions of dollars, except per share amounts)
(Unaudited)
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For the six months For the three months
Primary Net Income Per Common Share ended June 30, ended June 30,
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1997 1996 1997 1996
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Net income $ 1,551 $ 1,075 $ 571 $ 689
Less: Preferred stock dividend requirements (28) (29) (14) (14)
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Primary net income available for common stock $ 1,523 $ 1,046 $ 557 $ 675
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Average number of primary common shares
outstanding for computation of earnings
per share (thousands) 260,080 260,709 260,090 260,764
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Primary net income per common share $ 5.86 $ 4.01 $ 2.14 $ 2.59
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Fully Diluted Net Income Per Common Share
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Net income $ 1,551 $ 1,075 $ 571 $ 689
Less: Preferred stock dividend requirements of
non-dilutive and anti-dilutive issues and
adjustments to net income associated with
dilutive securities (11) (12) (5) (6)
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Fully diluted net income $ 1,540 $ 1,063 $ 566 $ 683
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Average number of primary common shares
outstanding for computation of earnings
per share (thousands) 260,080 260,709 260,090 260,764
Additional shares outstanding assuming full conversion
of dilutive convertible securities into common
stock (thousands):
Convertible debentures 144 146 144 146
Convertible Preferred Stock
Series B ESOP 9,171 9,475 9,114 9,423
Series F ESOP 570 607 568 599
Other 17 26 16 22
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Average number of fully diluted common
shares outstanding for computation of earnings
per share (thousands) 269,982 270,963 269,932 270,954
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Fully diluted net income per common share $ 5.70 $ 3.92 $ 2.10 $ 2.52
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