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EXHIBIT 11
THE PITTSTON COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(in thousands except per share amounts)
FULL DILUTED EARNINGS PER SHARE: (A)
Years Ended December 31
--------------------------
1993 1992 1991
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PITTSTON SERVICES GROUP:
Income before cumulative effect of
accounting changes $ 47,126 27,277 20,841
Cumulative effect of accounting
changes - - 311
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Net income $ 47,126 27,277 21,152
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Average common shares outstanding 36,907 37,081 37,284
Incremental shares of stock options 411 129 224
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Pro forma shares outstanding 37,318 37,210 37,508
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Fully diluted earnings per share:
Income before cumulative effect of
accounting changes $ 1.26 0.73 0.55
Cumulative effect of accounting
changes - - 0.01
--------- ------ --------
Net income $ 1.26 0.73 0.56
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PITTSTON MINERALS GROUP:
Income (loss) before cumulative
effect of accounting changes $ (32,980) 21,810 (49,676)
Cumulative effect of accounting
changes - - (123,328)
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Net income (loss) $ (32,980) 21,810 (173,004)
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Average common shares outstanding 7,381 7,416 7,457
Incremental shares of stock
options (b) - 26 -
---------- ------- -------
Pro forma shares outstanding 7,381 7,442 7,457
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Fully diluted earnings per share:
Income (loss) before cumulative
effect of accounting changes $ (4.47) 2.93 (6.66)
Cumulative effect of accounting
changes - - (16.54)
--------- ------ --------
Net income (loss) $ (4.47) 2.93 (23.20)
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(a) On July 26, 1993, the outstanding shares of the Pittston Company's common
stock were redesignated as Pittston Services Group common stock on a
share-for-share and a second class of stock, designated as Pittston
Minerals Group common stock ("Minerals Stock") was distributed on a basis
of one-fifth of one share of Minerals Stock for each share of the
Pittston Company's common stock. Accordingly, all common share, stock
options and per share data prior to the redesignation has been restated
to reflect the new equity structure of the Pittston Company.
(b) For 1993 and 1991, the effect of stock options are excluded from the
computations because they are antidilutive, whereby their inclusion
results in a lower loss per common share.
PRIMARY EARNINGS PER SHARE:
Primary earnings per share can be computed from the information on the face of
the Consolidated Statements of Operations.