EXHIBIT 11
TEXACO INC.
COMPUTATION OF CONSOLIDATED EARNINGS PER SHARE OF COMMON STOCK
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
--------------------------------------------------------------
(Millions of dollars, except as noted)
(Unaudited)
----------------------
For the three months
ended March 31,
-----------------------
1999 1998
---- ----
Basic Earnings Per Common Share:
- --------------------------------
Income before cumulative effect of accounting change
less preferred stock dividend requirements $ 186 $ 245
======= =======
Average shares outstanding (thousands) 526,230 531,914
======= =======
Basic income before cumulative effect of accounting change
per common share (dollars) $ 0.35 $ 0.46
======= =======
Diluted Earnings Per Common Share:
- ----------------------------------
Income before cumulative effect of accounting change
less preferred stock dividend requirements $ 186 $ 245
Adjustments, mainly ESOP preferred stock dividends in 1998 -- 9
------- -------
Income before cumulative effect of accounting change
for diluted net income per share $ 186 $ 254
======= =======
Average shares outstanding (thousands) 526,230 531,914
Adjustments, mainly ESOP preferred stock in 1998 662 19,507
------- -------
Shares outstanding for diluted computation (thousands) 526,892 551,421
======= =======
Diluted income before cumulative effect of accounting change
per common share (dollars) $ 0.35 $ 0.46
======= =======