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ITEM 14(A)3, EXHIBIT 11
TESORO PETROLEUM CORPORATION AND SUBSIDIARIES
INFORMATION SUPPORTING EARNINGS PER SHARE COMPUTATIONS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
YEARS ENDED DECEMBER 31,
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1995 1994 1993
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PRIMARY EARNINGS PER SHARE COMPUTATION:
Earnings before extraordinary loss on extinguishment of debt.... $57,489 20,483 16,956
Extraordinary loss on extinguishment of debt.................... (2,857) (4,752) --
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Net earnings.................................................... 54,632 15,731 16,956
Dividend requirements on preferred stock........................ -- 2,680 9,207
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Net earnings applicable to common stock......................... $54,632 13,051 7,749
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Average outstanding common shares............................... 24,557 22,552 14,070
Average outstanding common equivalent shares.................... 550 644 220
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Average outstanding common and common equivalent shares....... 25,107 23,196 14,290
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Primary Earnings Per Share:
Earnings before extraordinary loss on extinguishment of
debt....................................................... $ 2.29 .77 .54
Extraordinary loss on extinguishment of debt.................. (.11) (.21) --
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Net earnings.................................................. $ 2.18 .56 .54
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FULLY DILUTED EARNINGS PER SHARE COMPUTATION:
Net earnings applicable to common stock......................... $54,632 13,051 7,749
Add: Dividend requirements on preferred stock................... -- 2,680 9,207
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Net earnings applicable to common stock -- fully diluted........ $54,632 15,731 16,956
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Average outstanding common and common equivalent shares......... 25,107 23,196 14,290
Shares issuable on conversion of preferred shares............... -- 1,476 4,775
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25,107 24,672 19,065
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Fully Diluted Earnings Per Share -- Anti-dilutive*.............. $ 2.18 .56 .54
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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.