EXHIBIT 11
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HOWELL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
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Three Months Ended Nine Months Ended
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September 30, September 30,
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1997 1996 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 from continuing operations ............ $ 708 $ 1,506 $ 2,291 $ 4,505
Subtract - Dividend to preferred shareholders ...... 604 604 1,811 1,811
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Net earnings from continuing operations,
as adjusted ..................................... $ 104 $ 902 $ 480 $ 2,694
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Discontinued operations:
Net earnings (loss) from Howell Hydrocarbons
(less applicable income taxes) .................. $ 54 $ 184 $ 512 $ (71)
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Gain on sale of Howell Hydrocarbons
(less applicable income taxes) ........................ $ 245 $ 0 $ 245 $ 0
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Weighted average number of common shares
outstanding ..................................... 5,096 4,938 5,034 4,936
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Earnings (loss) per share - assuming no dilution :
Continuing operations .............................. $ 0.02 $ 0.18 $ 0.10 0.55
Discontinued operations ............................ 0.01 0.04 0.10 (0.01)
Gain on sale of Howell Hydrocarbons ................ 0.05 0.00 0.05 0.00
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Net earnings per share assuming no dilution ........ $ 0.08 $ 0.22 $ 0.25 $ 0.54
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Additional Primary Computation
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Net earnings, as adjusted per primary computation above
Continuing operations .............................. $ 104 $ 902 $ 480 $ 2,694
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Discontinued operations ............................ $ 54 $ 184 $ 512 $ (71)
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Gain on sale of Howell Hydrocarbons ................ $ 245 $ 0 $ 245 $ 0
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Adjustment to weighted average number of
shares outstanding:
Weighted average number of shares outstanding
per primary computation above ...................... 5,096 4,938 5,034 4,936
Add - Dilutive effect of outstanding options
(as determined by application of the treasury
stock method) ................................... 298 103 188 100
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Weighted average number of shares outstanding,
as adjusted ........................................ 5,394 5,041 5,222 5,036
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Primary earnings (loss) per share, as adjusted (a):
Continuing operations .............................. $ 0.02 $ 0.18 $ 0.09 $ 0.53
Discontinued operations ............................ 0.01 0.04 0.10 (0.01)
Gain on sale of Howell Hydrocarbons ................ 0.05 0.00 0.05 0.00
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Net earnings per share ................................ $ 0.08 $ 0.22 $ 0.24 $ 0.52
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Three Months Ended Nine Months Ended
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September 30, September 30,
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1997 1996 1997 1996
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(In thousands, except per share amounts)
FULLY DILUTED EARNINGS PER SHARE
Computation for Statement of Earnings
Net earnings, as adjusted per primary computation above
Continuing operations ................................................. $ 104 $ 902 $ 480 $ 2,694
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Discontinued operations ............................................... $ 54 $ 184 $ 512 $ (71)
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Gain on sale of Howell Hydrocarbons ................................... $ 245 $ 0 $ 245 $ 0
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Weighted average number of common shares
outstanding, per primary computation above ............................. 5,096 4,938 5,034 4,936
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Earnings (loss) per share assuming full dilution:
Continuing operations .................................................... $ 0.02 $ 0.18 $ 0.10 $ 0.55
Discontinued operations ............................................... 0.01 0.04 0.10 (0.01)
Gain on sale of Howell Hydrocarbons ................................... 0.05 0.00 0.05 0.00
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Net earnings per share assuming full dilution ............................ $ 0.08 $ 0.22 $ 0.25 $ 0.54
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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 from continuing operations ............................. $ 104 $ 902 $ 480 $ 2,694
Add - Dividend to preferred shareholders ................................. 604 604 1,811 1,811
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Net earnings from continuing operations,
as adjusted .............................................................. $ 708 $ 1,506 $ 2,291 $ 4,505
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Discontinued operations:
Net earnings (loss) from Howell Hydrocarbons
(less applicable income taxes) ..................................... $ 54 $ 184 $ 512 $ (71)
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Gain on sale of Howell Hydrocarbons (less
applicable income taxes) ........................................... $ 245 $ 0 $ 245 $ 0
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Additional adjustment to weighted average number
of shares outstanding:
Weighted average number of shares outstanding,
per fully diluted computation above .................................... 5,096 4,938 5,034 4,936
Add - Dilutive effect of outstanding options
(as determined by the application of the treasury
stock method) .......................................................... 298 103 188 100
Shares issuable from assumed exercise of
convertible preferred stock ........................................... 2,091 2,091 2,091 2,091
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Weighted average number of common shares,
as adjusted .............................................................. 7,485 7,132 7,313 7,127
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Fully diluted earnings (loss) per share:
Continuing operations .................................................... $ 0.09 $ 0.21 $ 0.31 $ 0.63
Discontinued operations .................................................. 0.01 0.03 0.07 (0.01)
Gain on sale of Howell Hydrocarbons ...................................... 0.03 0.00 0.03 0.00
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Fully diluted earnings per share (b) ..................................... $ 0.13 $ 0.24 $ 0.41 $ 0.62
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(a) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) as required by footnote 2 to paragraph 14 of APB Opinion No. 15
because it results in a dilution greater than 3%
(b) 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.
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