EXHIBIT 11
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HOWELL CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(UNAUDITED)
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YEAR ENDED DECEMBER 31,
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1996 1995 1994
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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 .............................................................. $14,077 $5,326 $2,883
Subtract - Dividend to preferred shareholders ............................. 2,415 2,415 2,415
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Net earnings, as adjusted ................................................. $11,662 $2,911 $ 468
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Weighted average number of common shares outstanding ........................... 4,937 4,869 4,837
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Earnings per share - assuming no dilution ...................................... $ 2.36 $ .60 $ .10
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ADDITIONAL PRIMARY COMPUTATION
Net earnings, as adjusted per primary computation above ........................ $11,662 $2,911 $ 468
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Adjustment to weighted average number of shares outstanding:
Weighted average number of shares outstanding per primary
computation above ....................................................... 4,937 4,869 4,837
Add - Dilutive effect of outstanding options (as determined by
application of the treasury stock method) ............................... 101 107 56
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Weighted average number of shares outstanding, as adjusted .................. 5,038 4,976 4,893
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Primary earnings per share, as adjusted ........................................ $2.31 (a) $.59 (a) $.10 (a)
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YEAR ENDED DECEMBER 31,
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1996 1995 1994
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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 ........................ $11,662 $2,911 $ 468
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Weighted average number of common shares outstanding, per
primary computation above .................................................... 4,937 4,869 4,837
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Earnings per share - assuming full dilution (a) ................................ $ 2.36 $ .60 $ .10
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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 ....................................................... $11,662 $2,911 $ 468
Add - Dividend to preferred shareholders .................................. 2,415 2,415 2,415
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Net earnings, as adjusted ................................................. $14,077 $5,326 $2,883
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Additional adjustment to weighted average number of shares outstanding:
Weighted average number of shares outstanding, per fully
diluted computation above ................................................. 4,937 4,869 4,837
Add - Dilutive effect of outstanding options (as determined
by the application of the treasury stock method) .......................... 107 126 56
Weighted average number of shares issuable from assumed
exercise of convertible preferred stock ................................... 2,091 2,091 2,091
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Weighted average number of common shares, as adjusted ....................... 7,135 7,086 6,984
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Fully diluted earnings per share ............................................... $ 1.97 $.75 (b) $.41 (b)
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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 it is contrary to paragraph 40 of APB Opinion No. 15 because
it produces an anti-dilutive result for 1995 and 1994.