EXHIBIT 11
UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
YEAR ENDED DECEMBER 31
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Dollars and shares in thousands, except per share amounts 1996 1995 1994 1993 1992
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Earnings (loss) from continuing operations
Per Share Assuming No Dilution (a)
Earnings (loss) from continuing operations $455,707 $249,319 ($167,374) $142,106 $191,877
Preferred stock dividend (17,938) (35,875) (35,875) (35,875) (16,642)
Non-cash charge related to exchange of preferred stock (54,246) - - - -
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Earnings (loss) from continuing operations
applicable to common stock 383,523 213,444 (203,249) 106,231 175,235
Weighted average common stock outstanding 248,767 246,112 242,640 241,114 238,278
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Earnings (loss) from continuing
operations per common share $ 1.54 $ 0.87 $ (0.84) $ 0.44 $ 0.73
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Earnings (loss) from discontinued operations
Per Share Assuming No Dilution (a)
Earnings (loss) applicable to common stock ($419,236) $10,525 $14,026 $70,761 $28,136
Weighted average common stock outstanding 248,767 246,112 242,640 241,114 238,278
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Earnings (loss) from discontinued
operations per common share $ (1.69) $ 0.04 $ 0.06 $ 0.29 $ 0.12
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Net earnings (loss) per common share $ (0.15) $ 0.91 $ (0.78) $ 0.73 $ 0.85
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Earnings (loss) from continuing operations
Per Share Assuming Full Dilution
Earnings (loss) from continuing operations $455,707 $249,319 ($167,374) $142,106 $191,877
Distribution on preferred securities (net of tax) 7,715 - - - -
Non-cash charge related to exchange of preferred stock (54,246) - - - -
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Earnings (loss) from continuing operations
applicable to common stock 409,176 249,319 (167,374) 142,106 191,877
Weighted average common stock outstanding 248,767 246,112 242,640 241,114 238,278
Dilutive common stock equivalents 2,067 1,511 1,714 1,743 1,561
Conversion of preferred stock (b) - 16,667 16,667 16,667 16,667
Conversion of preferred securities 12,263 - - - -
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Weighted average common stock and
stock equivalents outstanding 263,097 264,290 261,021 259,524 256,506
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Earnings (loss) from continuing
operations per common share $ 1.56 $ 0.94 $ (0.64) $ 0.55 $ 0.75
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Earnings (loss) from discontinued operations
Per Share Assuming Full Dilution
Earnings (loss) from discontinued operations
applicable to common stock ($419,236) $10,525 $14,026 $70,761 $28,136
Weighted average common stock outstanding 248,767 246,112 242,640 241,114 238,278
Dilutive common stock equivalents 2,067 1,511 1,714 1,743 1,561
Conversion of preferred stock - 16,667 16,667 16,667 16,667
Conversion of preferred securities (c) 12,263 - - - -
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Weighted average common stock and
stock equivalents outstanding 263,097 264,290 261,021 259,524 256,506
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Earnings (loss) from discontinued
operations per common share $ (1.59) $ 0.04 $ 0.05 $ 0.27 $ 0.11
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Net earnings (loss) per common share $ (0.03) $ 0.98 $ (0.59) $ 0.82 $ 0.86
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(a) The dilutive effect of common stock equivalents is less than 3 percent.
(b) The effect of assumed conversion of preferred stock on earnings per common stock is antidilutive.
(c) The effect of assumed conversion of preferred securities on earnings per common stock is antidilutive.