EXHIBIT 11
STATEMENTS RE COMPUTATION OF PER SHARE EARNINGS
Sun Company, Inc. and Subsidiaries
(In Millions Except Per Share Amounts)
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For the Years Ended
December 31
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1995 1994 1993
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Income before cumulative effect
of change in accounting
principle(1) $227.4 $ 96.7 $283.0
Less: Dividends on preference
stock (22.5) -- --
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Income before cumulative effect
of change in accounting
principle attributable to
common stock (2) 204.9 96.7 283.0
Cumulative effect of change in
accounting principle (3)(a) (87.2) (6.8) 5.0
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Net income attributable to
common stock (4) $117.7 $ 89.9 $288.0
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Weighted average number of
shares of common stock and
common stock equivalents
outstanding (5) 91.3 107.0 106.6
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Earnings per share of common
stock:
Income before cumulative effect
of change in accounting
principle (2)/(5) $ 2.24 $ .91 $ 2.65
Cumulative effect of change in
accounting principle (3)/(5) (.95) (.07) .05
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Net income (4)/(5) $ 1.29 $ .84 $ 2.70
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Weighted average number of shares
of common stock and common stock
equivalents outstanding on a fully
diluted basis (6) 91.3 107.1 106.6
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Earnings per share of common stock
on a fully diluted basis (b):
Income before cumulative effect
of change in accounting
principle (2)/(6) $ 2.24 $ .91 $ 2.65
Cumulative effect of change in
accounting principle (3)/(6) (.95) (.07) .05
------ ------ ------
Net income (4)/(6) $ 1.29 $ .84 $ 2.70
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(a) Includes impact of the cumulative effect of a change in the method of
accounting for impairment of long-lived assets in 1995, postemployment
benefits in 1994 and income taxes in 1993. (See Note 6 to the Consolidated
Financial Statements in the Company's 1995 Annual Report to Shareholders.)
(b) Fully diluted earnings per share generaly are determined by dividing
earnings by the weighted average number of shares outstanding, assuming
redemption of the preference shares for common stock. However, redemption
was not assumed in 1995 since it would have resulted in an increase in
earnings per share.