EXHIBIT 11
HOWELL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
Year Ended December 31,
1994 1993 1992
(In thousands, except per share amounts)
PRIMARY EARNINGS PER SHARE
Computation for Statement of Earnings
Reconciliation of net income per statement
of earnings to amount used in calculation
of earnings per share - assuming
no dilution:
Net earnings $2,883 $2,527 $ 431
Subtract - Dividend to preferred
shareholders 2,415 1,657 -
------ ------ ------
Net earnings, as adjusted $ 468 $ 870 $ 431
====== ====== ======
Weighted average number of common
shares outstanding 4,837 4,823 4,811
====== ====== ======
Earnings per share - assuming no
dilution <F1> $ .10 $ .18 $ .09
====== ====== ======
Additional Primary Computation
Net earnings, as adjusted per primary
computation above $ 468 $ 870 $ 431
====== ====== ======
Adjustment to weighted average number of
shares outstanding:
Weighted average number of shares
outstanding per primary
computation above 4,837 4,823 4,811
Add - Dilutive effect of outstanding
options (as determined by
application of the treasury stock
method) 56 58 38
------ ------ ------
Weighted average number of shares
outstanding, as adjusted 4,893 4,881 4,849
====== ====== ======
Primary earnings per share, as adjusted $ .10 <F2> $ .18 <F2> $ .09 <F2>
====== ====== ======
FULLY DILUTED EARNINGS PER SHARE
Computation for Statement of Earnings
Net earnings, as adjusted per primary
computation above $468 $ 870 $ 431
====== ====== ======
Weighted average number of common shares
outstanding, per primary computation
above 4,837 4,823 4,811
====== ====== ======
Earnings per share - assuming full
dilution <F1> $ .10 $ .18 $ .09
====== ====== ======
Additional Fully Diluted Computation
Additional adjustment to net earnings,
as adjusted per fully diluted
computation above:
Net earnings, as adjusted per
fully diluted computation above $ 468 $ 870 $ 431
Add - Dividend to preferred
shareholders 2,415 1,657 -
------ ----- ------
Net earnings, as adjusted $2,883 $2,527 $ 431
====== ====== ======
Additional adjustment to weighted
average number of shares outstanding:
Weighted average number of shares
outstanding, per fully diluted
computation above 4,837 4,823 4,811
Add - Dilutive effect of
outstanding options (as determined
by the application of the treasury
stock method) 56 59 49
Weighted average number of shares
issuable from assumed exercise
of convertible preferred stock 2,091 1,530 -
------ ------ ------
Weighted average number of common
shares, as adjusted 6,984 6,412 4,860
====== ====== ======
Fully diluted earnings per share $ .41 <F3> $ .39 <F3> $ .09 <F2>
====== ====== ======
<FN>
<F1>
These amounts agree with the reported amounts on the statements of earnings.
<F2>
This calculation is submitted in accordance with Regulation S-K item 601(b)(11)
although not required by footnote 2 to paragraph 14 of APB Opinion No. 15
because it results in dilution of less than 3%.
<F3>
This calculation is submitted in accordance with Regulation S-K item 601(b)(11)
although it is contrary to paragraph 40 of APB Opinion No. 15 because it
produces an anti-dilutive result.
</FN>