EXHIBIT 11
HOWELL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 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 $1,690 $1,085 $4,434 $3,674
Subtract - Dividend to preferred shareholders 603 603 1,811 1,811
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Net earnings, as adjusted $1,087 $ 482 $2,623 $1,863
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Weighted average number of common shares
outstanding 4,938 4,867 4,936 4,849
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Earnings per share - assuming no dilution <F1> $ .22 $ .10 $ .53 $ .38
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Additional Primary Computation
Net earnings, as adjusted per primary
computation above $1,087 $ 482 $2,623 $1,863
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Adjustment to weighted average number of
shares outstanding:
Weighted average number of shares outstanding
per primary computation above 4,938 4,867 4,936 4,849
Add - Dilutive effect of outstanding options
(as determined by application of the treasury
stock method) 103 150 100 117
Weighted average number of shares outstanding,
as adjusted 5,041 5,017 5,036 4,966
====== ====== ====== ======
Primary earnings per share, as adjusted <F2> $ .22 $ .10 $ .52 $ .38
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FULLY DILUTED EARNINGS PER SHARE
Computation for Statement of Earnings
Net earnings, as adjusted per
primary computation above $1,087 $ 482 $2,623 $1,863
====== ====== ====== ======
Weighted average number of common shares
outstanding, per primary computation above 4,938 4,867 4,936 4,849
====== ====== ====== ======
Earnings per share - assuming full
dilution <F1> $ .22 $ .10 $ .53 $ .38
====== ====== ====== ======
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 $1,087 $ 482 $2,623 $1,863
Add - Dividend to preferred shareholders 603 603 1,811 1,811
------ ------ ------ ------
Net earnings, as adjusted $1,690 $1,085 $4,434 $3,674
====== ====== ====== ======
Additional adjustment to weighted average number
of shares outstanding:
Weighted average number of shares outstanding,
per fully diluted computation above 4,938 4,867 4,936 4,849
Add - Dilutive effect of outstanding options
(as determined by the application of the treasury
stock method) 125 152 107 131
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 7,154 7,110 7,134 7,071
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Fully diluted earnings per share <F3> $ .24 $ .15 $ .62 $ .52
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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>