1
EL PASO NATURAL GAS COMPANY
EARNINGS PER COMMON SHARE
FORM 10-Q, EXHIBIT 11
SECOND QUARTER SIX MONTHS
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1994 1993 1994 1993
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Income available for common stock
dividends............................. $24,011,000 $20,683,000 $45,126,000 $51,523,000
Fully diluted average common shares
outstanding........................... 37,231,380 37,849,930 37,291,545 37,769,062
Fully diluted earnings per common
share................................. $ 0.6449 $ 0.5464 $ 1.2101 $ 1.3642
Outstanding stock options of EPG are common stock equivalents but are excluded
from primary earnings per common share due to immateriality.
See following calculation:
SECOND QUARTER SIX MONTHS
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1994 1993 1994 1993
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Total primary earnings per common
share................................. $ 0.6518 $ 0.5541 $ 1.2241 $ 1.3831
Fully diluted earnings per common share
(includes stock options).............. $ 0.6449 $ 0.5464 $ 1.2101 $ 1.3642
Percent dilution........................ 1.0586% 1.3896% 1.1437% 1.3665%