ITEM 14(A)3, EXHIBIT 11 TESORO PETROLEUM CORPORATION INFORMATION SUPPORTING EARNINGS (LOSS) PER SHARE COMPUTATIONS (IN THOUSANDS EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED YEARS ENDED YEARS ENDED SEPTEMBER 30, DECEMBER 31, DECEMBER 31, 1989 1990 1991 1991 1992 1993 Earnings (Loss) Before the Cumulative Effect of Accounting Changes------- $ (30,520) 22,702 3,939 (416) (45,245) 16,956 Cumulative Effect of Accounting Changes---------------------------- -- -- -- -- (20,630) -- Net Earnings (Loss)------------------ (30,520) 22,702 3,939 (416) (65,875) 16,956 Preferred Stock Dividend Requirements----------------------- 9,204 9,207 9,207 2,301 9,207 9,207 Net Earnings (Loss) Applicable to Common Stock----------------------- $ (39,724) 13,495 (5,268) (2,717) (75,082) 7,749 Primary Earnings (Loss) Per Share Computation: Average common shares outstanding---------------------- 14,042 14,061 14,069 14,067 14,063 14,070 Common stock equivalents -- dilutive options-------------------------- -- 5 -- -- -- 220 Average Outstanding Common and Common Equivalent Shares------- 14,042 14,066 14,069 14,067 14,063 14,290 Primary Earnings (Loss) Per Share: Earnings (loss) before the cumulative effect of accounting changes------------------------ $ (2.83) .96 (.37) (.19) (3.87) .54 Cumulative effect of accounting changes------------------------ -- -- -- -- (1.47) -- Net earnings (loss)-------------- $ (2.83) .96 (.37) (.19) (5.34) .54 Fully Diluted Earnings (Loss) Per Share Computation: Net earnings (loss) applicable to common stock--------------------- $ (39,724) 13,495 (5,268) (2,717) (75,082) 7,749 Add: Preferred stock dividend requirements------------------- 9,204 9,207 9,207 2,301 9,207 9,207 Interest and amortization of debt discount on convertible debentures -- net of federal, state and other income taxes--- 35 -- -- -- -- -- Net Earnings (Loss) Applicable to Common Stock -- Fully Diluted---------- $ (30,485) 22,702 3,939 (416) (65,875) 16,956 Average outstanding common and common equivalent shares--------------------------- 14,042 14,066 14,069 14,067 14,063 14,290 Shares issuable on conversion of preferred shares----------------- 4,777 4,775 4,775 4,775 4,775 4,775 Shares issuable on conversion of debentures----------------------- 46 -- -- -- -- -- Other------------------------------ 27 -- -- -- -- -- 18,892 18,841 18,844 18,842 18,838 19,065 Fully Diluted Earnings (Loss) Per Share -- Anti-dilutive---------------------- $ (2.83) .96 (.37) (.19) (5.34) .54 80