EXHIBIT 11 UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (DOLLARS AND SHARES IN THOUSANDS, EXCEPT-PER SHARE AMOUNTS) Year Ended December 31 1993 1992 1991 1990 1989 ---------------------------------------------------------- ASSUMING NO DILUTION: ---------------------------------------------------------- Net Earnings from continued operations $ 342,461 $196,113 $ 72,545 $401,225 $357,593 Discontinued operations - - - - (98,000) Preferred stock dividend (35,875) (16,642) - - - Cumulative effect of accounting change (129,594) 23,900 - - - Net earnings applicable to common $ 176,992 $203,371 $ 72,545 $401,225 $259,593 stock Weighted average common stock 241,114 238,278 234,594 234,132 233,846 outstanding Net earnings (loss) per common share: Continuing operations $ 1.27 $ .75 $ .31 $ 1.71 $ 1.53 Discontinued operations - - - - (.42) Cumulative effect of accounting change (.54) .10 - - - NET EARNINGS PER COMMON SHARE $ .73 $ .85 $ .31 $ 1.71 $ 1.11 ASSUMING FULL DILUTION: Net earnings from continuing operations $ 342,461 $196,113 $ 72,545 $401,225 $357,593 Discontinued operations - - - - (98,000) Cumulative effect of accounting change (129,594) 23,900 - - - Net earnings $ 212,867 $220,013 $ 72,545 $401,225 $259,593 Fully diluted shares of common stock (a) 259,524 256,506 235,223 234,519 234,053 Net earnings (loss) per common share: Continued operations $ 1.32 $ .77 $ .31 $ 1.71 $ 1.53 Discontinued operations - - - - (.42) Cumulative effect of accounting change .50 .09 - - - NET EARNINGS PER COMMON SHARE $ .82 $ .86 $ .31 $ 1.71 $ 1.11 (a) Weighted average common stock 241,114 238,278 234,594 234,132 233,846 outstanding Common stock equivalents: Stock option & performance shares 1,743 1,561 629 387 207 Convertible preferred stock 16,667 16,667 - - - Total 259,524 256,506 235,223 234,519 234,053 Stock options above exclude those at exercise prices in excess of market value at year end.