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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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1994 1993* 1992*
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(Thousands, except
per-share amounts)
Primary earnings:
Income from continuing operations $164,900 $185,400 $103,100
Preferred stock dividends:
$2.21 cumulative preferred stock 8,800 8,900 2,900
$3.875 cumulative convertible exchangeable preferred stock - 2,900 11,600
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Income from continuing operations, net of preferred stock dividends 156,100 173,600 88,600
Income from discontinued operations 94,000 46,400 25,200
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Income before extraordinary credit (loss), net of preferred stock dividends 250,100 220,000 113,800
Extraordinary credit (loss) (12,200) - 9,900
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Income applicable to common stock $237,900 $220,000 $123,700
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Primary shares:
Average number of common shares outstanding during the period 101,235 98,735 89,964
Common-equivalent shares attributable to options and deferred stock 1,235 1,176 852
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Total common and common-equivalent shares 102,470 99,911 90,816
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Primary earnings per common and common-equivalent share:
Income from continuing operations $ 1.52 $ 1.74 $ .97
Income from discontinued operations .92 .46 .28
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Income before extraordinary credit (loss) 2.44 2.20 1.25
Extraordinary credit (loss) (.12) - .11
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Net income $ 2.32 $ 2.20 $ 1.36
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Fully diluted earnings:
Income from continuing operations $164,900 $185,400 $103,100
Preferred stock dividends:
$2.21 cumulative preferred stock 8,800 8,900 2,900
$3.875 cumulative convertible exchangeable preferred stock - - 11,600
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Income from continuing operations, net of preferred stock dividends 156,100 176,500 88,600
Income from discontinued operations 94,000 46,400 25,200
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Income before extraordinary credit (loss), net of preferred stock dividends 250,100 222,900 113,800
Extraordinary credit (loss) (12,200) - 9,900
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Income applicable to common stock $237,900 $222,900 $123,700
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Fully diluted shares:
Average number of common shares outstanding during the period 101,235 98,735 89,964
Common-equivalent shares attributable to options and deferred stock 1,267 1,318 852
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 102,502 103,171 90,816
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Fully diluted earnings per common and common-equivalent shares:
Income from continuing operations $ 1.52 $ 1.71 $ .97
Income from discontinued operations .92 .45 .28
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Income before extraordinary credit (loss) 2.44 2.16 1.25
Extraordinary credit (loss) (.12) - .11
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Net income $ 2.32 $ 2.16 $ 1.36
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<FN>
*Restated as described in Note 2 of the Notes to Consolidated Financial Statements.