1
EL PASO NATURAL GAS COMPANY
EARNINGS PER COMMON SHARE
FORM 10-Q, EXHIBIT 11
THIRD QUARTER NINE MONTHS
-------------------------- --------------------------
1994 1993 1994 1993
----------- ----------- ----------- -----------
Income available for common stock
dividends............................. $21,096,000 $18,365,000 $66,222,000 $69,888,000
Fully diluted average common shares
outstanding........................... 37,018,243 37,870,940 37,200,305 37,807,178
Fully diluted earnings per common
share................................. $ 0.5699 $ 0.4849 $ 1.7801 $ 1.8485
Outstanding stock options of EPG are common stock equivalents but are excluded
from primary earnings per common share due to immateriality.
See following calculation:
THIRD QUARTER NINE MONTHS
-------------------------- --------------------------
1994 1993 1994 1993
----------- ----------- ----------- -----------
Total primary earnings per common
share................................. $ 0.5755 $ 0.4918 $ 1.7998 $ 1.8746
Fully diluted earnings per common share
(includes stock options).............. $ 0.5699 $ 0.4849 $ 1.7801 $ 1.8485
Percent dilution........................ 0.9731% 1.4030% 1.0946% 1.3923%