EXHIBIT 11
TOSCO CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE (a)
(Unaudited)
(Thousands of Dollars, Except Per Share Data)
Three Months Ended September 30, Nine Months Ended September 30,
1997 1996 1997 1996
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Income before distributions on company-obligated, mandatorily
redeemable, convertible preferred securities $103,456 $42,493 $179,176 $116,097
Distributions on company-obligated, mandatorily redeemable,
convertible preferred securities, net of income tax benefit 2,523 - 7,569 -
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Net income $100,933 $42,493 $171,607 $116,097
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PRIMARY EARNINGS PER SHARE
Earnings used for computation of primary earnings per share $100,933 $42,493 $171,607 $116,097
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Weighted average number of shares outstanding
during the period 156,185,661 130,851,153 146,617,794 119,196,819
Assumed conversion of common share equivalents 4,424,517 2,974,680 4,301,608 2,778,525
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Weighted average common and common equivalent shares used
for computation of primary earnings per share 160,610,178 133,825,833 150,919,402 121,975,344
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Primary earnings per common and common equivalent share $ 0.63 $ 0.32 $ 1.14 $ 0.95
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FULLY DILUTED EARNINGS PER SHARE
Earning used for computation of fully diluted
earnings per share $ 103,456 $ 42,493 $ 179,176 $ 116,097
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Weighted average number of shares outstanding
during the period 156,185,661 130,851,153 146,617,794 119,196,819
Assumed conversion of common share equivalents 4,648,105 3,323,658 4,648,105 3,323,661
Assumed conversion of company-obligated, mandatorily
redeemable, convertible preferred securities 9,113,940 9,113,940
---------------- ------------- --------------- ----------------
Weighted average common and common equivalent shares used
for computation of fully diluted earnings per share 169,947,706 134,174,811 160,379,839 122,520,480
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Fully diluted earnings per common and common equivalent share $0.61 $0.32 $1.12 $0.95
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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.