EXHIBIT 11
HOWELL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
1997 1996
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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................................................................. $ 1,402 $ 1,195
Subtract - Dividend to preferred shareholders................................ 604 604
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Net earnings, as adjusted.................................................... $ 798 $ 591
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Weighted average number of common shares
outstanding..................................................................... 4,985 4,934
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Earnings per share - assuming no dilution (a)..................................... $ .16 $ .12
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ADDITIONAL PRIMARY COMPUTATION
Net earnings, as adjusted per primary
computation above............................................................... $ 798 $ 591
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Adjustment to weighted average number of shares outstanding:
Weighted average number of shares outstanding
per primary computation above.............................................. 4,985 4,934
Add - Dilutive effect of outstanding options
(as determined by application of the treasury
stock method).............................................................. 90 100
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Weighted average number of shares outstanding,
as adjusted................................................................ 5,075 5,034
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Primary earnings per share, as adjusted (b)....................................... $ .16 $ .12
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THREE MONTHS ENDED
MARCH 31,
1997 1996
--------- ---------
(In thousands, except per share amounts)
FULLY DILUTED EARNINGS PER SHARE
COMPUTATION FOR STATEMENT OF EARNINGS
Net earnings, as adjusted per
primary computation above....................................................... $ 798 $ 591
========= =========
Weighted average number of common shares
outstanding, per primary computation above...................................... 4,985 4,934
========= =========
Earnings per share - assuming full
dilution (a).................................................................... $ .16 $ .12
========= =========
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.................................................. $ 798 $ 591
Add - Dividend to preferred shareholders..................................... 604 604
--------- ---------
Net earnings, as adjusted.................................................... $ 1,402 $ 1,195
========= =========
Additional adjustment to weighted average number of shares outstanding:
Weighted average number of shares outstanding,
per fully diluted computation above........................................ 4,985 4,934
Add - Dilutive effect of outstanding options
(as determined by the application of the treasury
stock method).............................................................. 90 100
Shares issuable from assumed exercise of
convertible preferred stock............................................... 2,090 2,090
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Weighted average number of common shares,
as adjusted................................................................. 7,165 7,124
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Fully diluted earnings per share (c).............................................. $ .20 $ .17
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(a) These amounts agree with the reported amounts on the statements of
earnings.
(b) 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%.
(c) 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.