EXHIBIT 11
TOSCO CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE (a)
(Unaudited)
(Thousands of Dollars, Except Per Share Data)
Three Months Ended March 31,
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1997 1996
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Income before dividends on company-obligated, mandatorily redeemable,
convertible preferred securities $6,085 $23,966
Dividends on company-obligated, mandatorily redeemable, convertible
preferred securities, net of income tax benefit 2,522 -
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Net income $3,563 $23,966
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PRIMARY EARNINGS PER SHARE
Earnings used for computation of primary earnings per share $3,563 $23,966
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Weighted average number of shares outstanding during the period 131,175,830 111,378,684
Assumed conversion of common share equivalents 4,514,952 2,473,728
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Weighted average common and common equivalent shares used for
computation of primary earnings per share 135,690,782 113,852,412
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Primary earnings per common and common equivalent share $0.03 $0.21
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FULLY DILUTED EARNINGS PER SHARE (b)
Earning used for computation of fully diluted earnings per share $3,563 $23,966
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Weighted average number of shares outstanding during the period 131,175,830 111,378,684
Assumed conversion of common share equivalents 4,514,952 2,850,582
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Weighted average common and common equivalent shares used for
computation of fully diluted earnings per share 135,690,782 114,229,266
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Fully diluted earnings per common and common equivalent share $0.03 $0.21
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(a) Earnings per share and weighted average shares outstanding reflect the
3-for-1 stock split declared and distributed in February 1997.
(b) Conversion of the company-obligated, mandatorily redeemable, convertible
preferred securities is not assumed at March 31, 1997 due to the
anti-dilutive impact of the assumed conversion.