EXHIBIT 11
HOWELL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
Year Ended December 31,
-----------------------
1995 1994 1993
---- ---- ----
(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 $5,326 $2,883 $2,527
Subtract - Dividend to preferred shareholders 2,415 2,415 1,657
------ ------ ------
Net earnings, as adjusted $2,911 $ 468 $ 870
====== ====== ======
Weighted average number of common shares outstanding 4,869 4,837 4,823
====== ====== ======
Earnings per share - assuming no dilution <F1> $ .60 $ .10 $ .18
====== ====== ======
Additional Primary Computation
Net earnings, as adjusted per primary computation above $2,911 $ 468 $ 870
====== ====== ======
Adjustment to weighted average number of shares
outstanding:
Weighted average number of shares outstanding
per primary computation above 4,869 4,837 4,823
Add - Dilutive effect of outstanding options
(as determined by application of the treasury
stock method) 107 56 58
------ ------ ------
Weighted average number of shares outstanding,
as adjusted 4,976 4,893 4,881
====== ====== ======
Primary earnings per share, as adjusted $ .59<F2>$ .10<F2>$ .18<F2>
====== ====== ======
FULLY DILUTED EARNINGS PER SHARE
Computation for Statement of Earnings
Net earnings, as adjusted per primary computation above $2,911 $ 468 $ 870
====== ====== ======
Weighted average number of common shares outstanding, per
primary computation above 4,869 4,837 4,823
====== ====== ======
Earnings per share - assuming full dilution <F1> $ .60 $ .10 $ .18
====== ====== ======
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 $2,911 $ 468 $ 870
Add - Dividend to preferred shareholders 2,415 2,415 1,657
------ ------ ------
Net earnings, as adjusted $5,326 $2,883 $2,527
====== ====== ======
Additional adjustment to weighted average number of shares
outstanding:
Weighted average number of shares outstanding,
per fully diluted computation above 4,869 4,837 4,823
Add - Dilutive effect of outstanding options
(as determined by the application of the
treasury stock method) 126 56 59
Weighted average number of shares issuable from
assumed exercise of convertible preferred stock 2,091 2,091 1,530
------ ------ ------
Weighted average number of common shares,
as adjusted 7,086 6,984 6,412
====== ====== ======
Fully diluted earnings per share $ .75<F3>$ .41<F3>$ .39<F3>
====== ====== ======
<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<F2>(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<F2>(11)
although it is contrary to paragraph 40 of APB Opinion No. 15 because it
produces an anti-dilutive result.
</FN>