EXHIBIT 11
TOSCO CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
(Thousands of Dollars, Except Per Share Data)
Three Months Ended June 30, Six Months Ended June 30,
1998 1997 1998 1997
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Income before distributions on Trust Preferred Securities $102,827 $69,635 $146,891 $75,720
Distributions on Trust Preferred Securities, net of income
tax benefit 2,523 2,523 5,046 5,046
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Net income $100,304 $67,112 $141,845 $70,674
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BASIC EARNINGS PER SHARE
Earnings used for computation of basic earnings per share $100,304 $67,112 $141,845 $70,674
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Weighted average shares outstanding during the period 156,348,509 152,491,892 156,337,022 141,833,861
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Basic earnings per share $0.64 $0.44 $0.91 $0.50
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DILUTED EARNINGS PER SHARE
Earnings used for computation of diluted earnings per share $102,827 $69,635 $146,891 $75,720
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Weighted average shares outstanding during the period 156,348,509 152,491,892 156,337,022 141,833,861
Assumed conversion of dilutive stock options 4,402,193 4,393,690 4,482,601 4,323,624
Assumed conversion of Trust Preferred Securities 9,113,940 9,113,940 9,113,940 9,113,940
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Weighted average shares outstanding used for computation
of diluted earnings per share 169,864,642 165,999,522 169,933,563 155,271,425
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Diluted earnings per share $0.61 $0.42 $0.86 $0.49
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