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ITEM 14(A)3, EXHIBIT 11
TESORO PETROLEUM CORPORATION AND SUBSIDIARIES
INFORMATION SUPPORTING EARNINGS (LOSS) PER SHARE COMPUTATIONS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
YEARS ENDED DECEMBER 31,
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1994 1993 1992
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PRIMARY EARNINGS (LOSS) PER SHARE COMPUTATION:
Earnings (loss) before extraordinary loss on extinguishment
of debt and the cumulative effect of accounting
changes.................................................. $20,483 16,956 (45,245)
Extraordinary loss on extinguishment of debt................ (4,752) -- --
Cumulative effect of accounting changes..................... -- -- (20,630)
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Net earnings (loss)......................................... 15,731 16,956 (65,875)
Dividend requirements on preferred stock.................... 2,680 9,207 9,207
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Net earnings (loss) applicable to common stock.............. $13,051 7,749 (75,082)
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Average outstanding common shares............................. 22,552 14,070 14,063
Average outstanding common equivalent shares.................. 644 220 --
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Average outstanding common and common equivalent shares..... 23,196 14,290 14,063
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Primary Earnings (Loss) Per Share:
Earnings (loss) before extraordinary loss on extinguishment
of debt and the cumulative effect of accounting
changes.................................................. $ .77 .54 (3.87)
Extraordinary loss on extinguishment of debt................ (.21) -- --
Cumulative effect of accounting changes..................... -- -- (1.47)
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Net earnings (loss)......................................... $ .56 .54 (5.34)
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FULLY DILUTED EARNINGS (LOSS) PER SHARE COMPUTATION:
Net earnings (loss) applicable to common stock.............. $13,051 7,749 (75,082)
Add: Dividend requirements on preferred stock............... 2,680 9,207 9,207
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Net earnings (loss) applicable to common stock -- fully
diluted.................................................. $15,731 16,956 (65,875)
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Average outstanding common and common equivalent shares....... 23,196 14,290 14,063
Shares issuable on conversion of preferred shares............. 1,476 4,775 4,775
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24,672 19,065 18,838
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Fully Diluted Earnings (Loss) Per Share -- Anti-dilutive*..... $ .56 .54 (5.34)
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* This calculation is submitted in accordance with paragraph 601(b)(11) of
Regulation S-K, although it is not required by APB Opinion No. 15 because it
produces an anti-dilutive result.