Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Nine Months Ended Sept. 30 Three Months Ended Sept. 30
1997 1996 1997 1996
PRIMARY ----------------------------------------------------------------
Average shares outstanding 62,727,242 62,841,106 62,977,635 62,848,820
Net effect of stock
options - based on the
treasury stock method using
average market price (1) (1) (1) (1)
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62,727,242 62,841,106 62,977,635 62,848,820
Net income (loss) $123,796 $99,907 $37,790 $31,785
Per-share amount $1.97 $1.59 $0.60 $0.51
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FULLY DILUTED
Average shares outstanding 62,727,242 62,841,106 62,977,635 62,848,820
Net effect of dilutive stock
options - based on the
treasury stock method using
the average quarterly market
price, if higher than exercise
price 1,346,628 549,254 1,605,208 416,998
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64,073,870 63,390,360 64,582,843 63,265,818
Net income (loss) $123,796 $99,907 $37,790 $31,785
Per-share amount $1.93 $1.58 $0.59 $0.50
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(1) Incremental number of shares excluded from calculation since they do not have a dilutive effect.