1 Exhibit 11 TESORO PETROLEUM CORPORATION AND SUBSIDIARIES Information Supporting Earnings (Loss) Per Share Computations (Unaudited) (In thousands except per share amounts) Three Months Ended March 31, 1994 1993 ---- ---- Primary Earnings (Loss) Per Share Computation: Earnings (loss) before extraordinary item . . . . . . $ 7,202 ( 2,909) Extraordinary loss on extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . ( 4,752) - -------- -------- Net earnings (loss) . . . . . . . . . . . . . . . . 2,450 ( 2,909) Less preferred stock dividend requirements . . . . . 1,889 2,302 -------- -------- Net earnings (loss) applicable to common stock . . . . . . . . . . . . . . . . . . . . . . $ 561 ( 5,211) ======== ======== Average outstanding common and common equivalent shares . . . . . . . . . . . . . . . . . . . . . . 19,455 14,070 ======== ======== Primary Earnings (Loss) Per Share: Earnings (loss) before the extraordinary item . . . . . . . . . . . . . . . . . . . . . . . $ .27 ( .37) Extraordinary loss on extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . ( .24) - -------- -------- Net earnings (loss) . . . . . . . . . . . . . . . . $ .03 ( .37) ======== ======== Fully Diluted Earnings (Loss) Per Share Computation: Net earnings (loss) applicable to common stock . . . . . . . . . . . . . . . . . . . . . . . $ 561 ( 5,211) Add preferred stock dividend requirements . . . . . . 1,889 2,302 -------- -------- Net earnings (loss) applicable to common stock - fully diluted . . . . . . . . . . . . . . $ 2,450 ( 2,909) ======== ======== Average outstanding common and common equivalent shares . . . . . . . . . . . . . . . . . . . . . . . 19,455 14,070 Shares issuable on conversion of preferred shares . . . . . . . . . . . . . . . . . . . . . . . 3,486 4,775 Other . . . . . . . . . . . . . . . . . . . . . . . . . 77 - -------- -------- Fully diluted shares . . . . . . . . . . . . . . . . 23,018 18,845 ======== ======== Fully Diluted Earnings (Loss) Per Share - Anti-dilutive . . . . . . . . . . . . . . . . . . . . $ .03 ( .37) ======== ======== -31-