Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Six Months Ended June 30 Three Months Ended June 30
1997 1996 1997 1996
PRIMARY ----------------------------------------------------------------
Average shares outstanding 62,616,397 62,866,576 62,751,517 62,961,224
Net effect of stock
options - based on the
treasury stock method using
average market price (1) (1) (1) (1)
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62,616,397 62,866,576 62,751,517 62,961,224
Net income (loss) $86,006 $68,122 $44,940 $34,524
Per-share amount $1.37 $1.08 $0.72 $0.55
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FULLY DILUTED
Average shares outstanding 62,616,397 62,866,576 62,751,517 62,961,224
Net effect of dilutive stock
options - based on the
treasury stock method using
the average quarterly market
price, if higher than exercise
price 1,193,988 611,278 1,447,343 420,290
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63,810,385 63,477,854 64,198,860 63,381,514
Net income (loss) $86,006 $68,122 $44,940 $34,524
Per-share amount $1.35 $1.07 $0.70 $0.54
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(1) Incremental number of shares excluded from calculation since they
do not have a dilutive effect.