EXHIBIT 11
CONSOLIDATED NATURAL GAS COMPANY AND SUBSIDIARIES
COMPUTATION OF PER SHARE EARNINGS
(In Thousands, Except Per Share Data)
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Years Ended December 31, 1996 1995 1994
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Earnings Per Share of Common Stock,
as Shown on the Consolidated Statement of Income
Net income..................................................... $298,273 $21,344 $183,171
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Average common shares outstanding.............................. 94,434 93,246 93,000
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Earnings per share of common stock........................... $3.16 $.23 $1.97
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Primary Earnings Per Share (Note 1)
Net income..................................................... $298,273 $21,344 $183,171
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Average common shares outstanding.............................. 94,434 93,246 93,000
Incremental shares resulting from
assumed exercise of stock options............................ 736 99 78
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Average common shares, as adjusted............................. 95,170 93,345 93,078
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Primary earnings per share................................... $3.13 $.23 $1.97
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Fully Diluted Earnings Per Share
Net income..................................................... $298,273 $21,344 $183,171
Interest on 7 1/4% Convertible Subordinated
Debentures, net of tax effect................................ 11,823 11,913 12,465
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Net income, as adjusted........................................ $310,096 $33,257 $195,636
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Average common shares outstanding.............................. 94,434 93,246 93,000
Incremental shares resulting from
assumed exercise of stock options............................ 862 154 96
Shares issuable from assumed conversion of 7 1/4%
Convertible Subordinated Debentures.......................... 4,559 4,559 4,577
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Average common shares, as adjusted............................. 99,855 97,959 97,673
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Fully diluted earnings per share............................. $3.11(1) $.34(2) $2.00(2)
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Notes:
(1) This calculation is submitted in accordance with Regulation S-K Item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
(2) This calculation is submitted in accordance with Regulation S-K Item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15
because the assumed conversion of the 7 1/4% Convertible Subordinated
Debentures produces an antidilutive result.