1
EL PASO NATURAL GAS COMPANY
EARNINGS PER COMMON SHARE
FORM 10-Q, EXHIBIT 11
QUARTER ENDED MARCH 31,
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1994 1993
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Income available for common stock dividends..................... $21,115,000 $30,840,000
Fully diluted average common shares outstanding................. 37,364,214 37,613,054
Fully diluted earnings per common share......................... $ 0.5651 $ 0.8199
Outstanding stock options of EPG are common stock equivalents but are
excluded from primary earnings per common share due to immateriality. See
following calculation:
QUARTER ENDED MARCH 31,
-----------------------------
1994 1993
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Total primary earnings per common share......................... $ 0.5723 $ 0.8295
Fully diluted earnings per common share (includes stock
options)...................................................... $ 0.5651 $ 0.8199
Percent dilution................................................ 1.2581% 1.1573%