EXHIBIT 11.2
UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE ASSUMING FULL DILUTION
For Three Months For the Nine Months
Ended September 30 Ended September 30
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Dollars and shares in thousands, except per share amounts 1997 1996 1997 1996
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Earnings from continuing operations
per share assuming full dilution
Earnings from continuing operations ............................. $ 176,856 $ 133,518 $ 520,966 $ 452,815
Distribution on convertible preferred securities (net of tax) ... 5,952 1,720 17,858 1,720
Non-cash charge related to exchange of preferred stock .......... -- (54,246) -- (54,246)
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Earnings from continuing operations
applicable to common stock ................................. 182,808 80,992 538,824 400,289
Weighted average common stock outstanding ....................... 247,367 248,668 249,153 248,211
Dilutive common stock equivalents ............................... 2,444 2,162 2,342 1,917
Conversion of preferred stock ................................... -- 431 -- 431
Conversion of preferred securities (a) .......................... 12,262 12,264 12,262 12,264
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Weighted average common stock and
stock equivalents outstanding ............................... 262,073 263,525 263,757 262,823
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Earnings from continuing operations
per common share ...................................... $ 0.70 $ 0.31 $ 2.04 $ 1.52
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Earnings (loss) from discontinued operations
per share assuming full dilution
Earnings (loss) applicable to common stock ...................... $ -- $ 37,247 $ (44,243) $ 80,091
Weighted average common stock outstanding ....................... 247,367 248,668 249,153 248,211
Dilutive common stock equivalents ............................... 2,444 2,162 2,342 1,917
Conversion of preferred stock ................................... -- 431 -- 431
Conversion of preferred securities (a) .......................... 12,262 12,264 12,262 12,264
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Weighted average common stock and
stock equivalents outstanding ............................... 262,073 263,525 263,757 262,823
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Earnings (loss) from discontinued operations
per common share ...................................... $ -- $ 0.14 $ (0.17) $ 0.31
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Loss from extraordinary item
per share assuming full dilution
Early extinguishment of debt ................................. $ -- $ -- $ (37,820) $ --
Weighted average common stock outstanding ....................... 247,367 248,668 249,153 248,211
Dilutive common stock equivalents ............................... 2,444 2,162 2,342 1,917
Conversion of preferred stock ................................... -- 431 -- 431
Conversion of preferred securities (a) ......................... 12,262 12,264 12,262 12,264
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Weighted average common stock and
stock equivalents outstanding ............................... 262,073 263,525 263,757 262,823
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Loss from extraordinary item
per common share ...................................... $ -- $ -- $ (0.14) $ --
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Net earnings per common share
Assuming full dilution .............................. $ 0.70 $ 0.45 $ 1.73 $ 1.83
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<FN>
(a) The effect of assumed conversion of preferred stock is antidilutive for the
nine months ended September 30, 1997.
</FN>