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EXHIBIT 11
THE WILLIAMS COMPANIES, INC.
COMPUTATION OF EARNINGS PER COMMON AND COMMON-EQUIVALENT SHARE*
YEARS ENDED DECEMBER 31,
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1993 1992** 1991**
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(THOUSANDS, EXCEPT
PER-SHARE AMOUNTS)
Primary earnings:
Income before extraordinary credit....................... $ 231,800 $ 128,300 $ 110,000
Preferred stock dividends:
$2.21 cumulative preferred stock...................... 8,900 2,900 --
$3.875 cumulative convertible exchangeable preferred
stock............................................... 2,900 11,600 11,600
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Income before extraordinary credit, net of preferred
stock dividends....................................... 220,000 113,800 98,400
Extraordinary credit..................................... -- 9,900 --
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Income applicable to common stock........................ $ 220,000 $ 123,700 $ 98,400
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Primary shares:
Average number of common shares outstanding
during the period..................................... 98,735 89,964 83,098
Common-equivalent shares attributable to options and
deferred stock........................................ 1,176 852 682
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Total common and common-equivalent shares................ 99,911 90,816 83,780
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Primary earnings per common and common-equivalent share:
Income before extraordinary credit....................... $ 2.20 $ 1.25 $ 1.17
Extraordinary credit..................................... -- .11 --
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Net income............................................... $ 2.20 $ 1.36 $ 1.17
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Fully diluted earnings:
Net income............................................... $ 231,800
Preferred stock dividends:
$2.21 cumulative preferred stock...................... 8,900
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Income applicable to common stock........................ $ 222,900
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Fully diluted shares:
Average number of common shares outstanding
during the period..................................... 98,735
Common-equivalent shares attributable to options
and deferred stock.................................... 1,318
Shares attributable to conversion, assumed at January 1,
1993
to the conversion dates, of convertible exchangeable
preferred stock....................................... 3,118
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Total common and common-equivalent shares................ 103,171
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Fully diluted earnings per common and common-equivalent
share.................................................... $ 2.16
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* All references to shares outstanding and per-share amounts reflect the effect
of the 2-for-1 common stock split and distribution described in Note 11 of
Notes to Consolidated Financial Statements.
** Primary and fully diluted earnings per share are the same in 1992 and 1991.