EXHIBIT 11
HOWELL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
(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 $1,757 $ 905 $2,589 $1,257
Subtract - Dividend to preferred shareholders 604 604 1,208 1,208
------ ------ ------ ------
Net earnings, as adjusted $1,153 $ 301 $1,381 $ 49
====== ====== ====== ======
Weighted average number of common shares
outstanding 4,842 4,837 4,839 4,837
====== ====== ====== ======
Earnings per share - assuming no dilution <F1> $ .24 $ .06 $ .29 $ .01
====== ====== ====== ======
Additional Primary Computation
------------------------------
Net earnings, as adjusted per primary
computation above $1,153 $ 301 $1,381 $ 49
====== ====== ====== ======
Adjustment to weighted average number of
shares outstanding:
Weighted average number of shares outstanding
per primary computation above 4,842 4,837 4,839 4,837
Add - Dilutive effect of outstanding options
(as determined by application of the treasury
stock method) 130 39 100 53
------ ------ ------ ------
Weighted average number of shares outstanding,
as adjusted 4,972 4,876 4,939 4,890
====== ====== ====== ======
Primary earnings per share, as adjusted <F2> $ .23 $ .06 $ .28 $ .01
====== ====== ====== ======
FULLY DILUTED EARNINGS PER SHARE
Computation for Statement of Earnings
-------------------------------------
Net earnings, as adjusted per
primary computation above $1,153 $ 301 $1,381 $ 49
====== ====== ====== ======
Weighted average number of common shares
outstanding, per primary computation above 4,842 4,837 4,839 4,837
====== ====== ====== ======
Earnings per share - assuming full
dilution <F1> $ .24 $ .06 $ .29 $ .01
====== ====== ====== ======
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 $1,153 $ 301 $1,381 $4 9
Add - Dividend to preferred shareholders 604 604 1,208 1,208
------ ------ ------ ------
Net earnings, as adjusted $1,757 $ 905 $2,589 $1,257
====== ====== ====== ======
Additional adjustment to weighted average number
of shares outstanding:
Weighted average number of shares outstanding,
per fully diluted computation above 4,842 4,837 4,839 4,837
Add - Dilutive effect of outstanding options
(as determined by the application of the treasury
stock method) 130 42 121 54
Shares issuable from assumed exercise of
convertible preferred stock 2,091 2,091 2,091 2,091
------ ------ ------ ------
Weighted average number of common shares,
as adjusted 7,063 6,970 7,051 6,982
====== ====== ====== ======
Fully diluted earnings per share <F3> $ .25 $ .13 $ .37 $ .18
====== ====== ====== ======
<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>