EXHIBIT 11
TOSCO CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(Unaudited)
(Thousands of Dollars, Except Per Share Data)
Three Months Ended September 30, Nine Months Ended September 30,
1998 1997 1998 1997
Income before distributions on Trust Preferred Securities $82,804 $103,456 $229,695 $179,176
Distributions on Trust Preferred Securities, net
of income tax benefit 2,523 2,523 7,569 7,569
------------ ------------ ------------ ------------
Net income $80,281 $100,933 $222,126 $171,607
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BASIC EARNINGS PER SHARE
Earnings used for computation of basic
earnings per share $80,281 $100,933 $222,126 $171,607
--------------- ------------ ------------ ---------------
Weighted average common shares outstanding
during the period 154,774,056 156,185,661 155,816,033 146,617,794
--------------- ------------ ------------ ---------------
Basic earnings per share $ 0.52 $ 0.65 $ 1.43 $ 1.17
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DILUTED EARNINGS PER SHARE
Earnings used for computation of diluted
earnings per share $ 82,804 $ 103,456 $229,695 $ 179,176
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Weighted average common shares outstanding
during the period 154,774,056 156,185,661 155,816,033 146,617,794
Assumed conversion of dilutive stock options 3,790,590 4,424,517 3,994,905 4,301,608
Assumed conversion of Trust Preferred Securities 9,113,940 9,113,940 9,113,940 9,113,940
--------------- ------------ ------------ ------------
Weighted average common and common
equivalent shares used for computation of
diluted earning per share 167,678,586 169,724,118 168,924,878 160,033,342
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Diluted earnings per share $ 0.49 $ 0.61 $ 1.36 $ 1.12
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TOSCO CORPORATION
(Registrant)
Date: November 13, 1998 By: /S/ ROBERT I. SANTO
------------------------
(Robert I. Santo)
Vice President and
Chief Accounting Officer