EXHIBIT 11
HOWELL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
Three Months Ended
March 31,
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1996 1995
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(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 $1,195 $ 832
Subtract - Dividend to preferred shareholders 604 604
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Net earnings, as adjusted $ 591 $ 228
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Weighted average number of common shares
outstanding 4,934 4,837
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Earnings per share - assuming no dilution <F1> $ .12 $ .05
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Additional Primary Computation
Net earnings, as adjusted per primary
computation above $ 591 $ 228
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Adjustment to weighted average number of
shares outstanding:
Weighted average number of shares outstanding
per primary computation above 4,934 4,837
Add - Dilutive effect of outstanding options
(as determined by application of the treasury
stock method) 100 71
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Weighted average number of shares outstanding,
as adjusted 5,034 4,908
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Primary earnings per share, as adjusted <F2> $ .12 $ .05
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FULLY DILUTED EARNINGS PER SHARE
Computation for Statement of Earnings
Net earnings, as adjusted per
primary computation above $ 591 $ 228
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Weighted average number of common shares
outstanding, per primary computation above 4,934 4,837
====== ======
Earnings per share - assuming full
dilution <F1> $ .12 $ .05
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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 $ 591 $ 228
Add - Dividend to preferred shareholders 604 604
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Net earnings, as adjusted $1,195 $ 832
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Additional adjustment to weighted average number
of shares outstanding:
Weighted average number of shares outstanding,
per fully diluted computation above 4,934 4,837
Add - Dilutive effect of outstanding options
(as determined by the application of the treasury
stock method) 100 71
Shares issuable from assumed exercise of
convertible preferred stock 2,090 2,091
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Weighted average number of common shares,
as adjusted 7,124 6,999
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Fully diluted earnings per share <F3> $ .17 $ .12
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<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>